FxWirePro:FTSE100 faces strong resistance around 7000, good to buy on dips
Major resistance – 6885 (Nov 23rd high) Major support -6610 The index recovered sharply after making a low of 6687 and has broken major resistance at 6885. It is currently trading around 6940. On the higher side, major r…
The index recovered sharply after making a low of 6687 and has broken major resistance at 6885. It is currently trading around 6940.
On the higher side, major resistance is around 7000 and any violation above that level will take the index till 7130.The 7130 level is the temporary top formed on Oct 11th 2016 and any break above targets 7300 level.
The major support of the index stands at 6825 (5- day MA) and any break below will drag the index down till 6778 (61.8% retracement of 6683 and 6950)/6678/6610. Short term trend reversal only below 6610.
It is good to buy on dips around 6900 with SL around 6800 for the TP of 7000/7130.
