FxWirePro:FTSE100 faces strong resistance at 7130,good to buy on dips
Major resistance – 7130 (Oct 11th high). Major intraday support -6915 (10- day MA). The index recovered sharply and has broken 7000 level after forming minor bottom at 6687. It is currently trading around 6999. On the hi…
The index recovered sharply and has broken 7000 level after forming minor bottom at 6687. It is currently trading around 6999.
On the higher side, index broken pschycological resistance at 7000 and jumped till 7038 on Friday. Any continuous close above 7000 will take the index till 7130 level which is the temporary top formed on Oct 11th 2016 and any break above targets 7300 level.
The major intraday support of the index stands at 6915 (10- day MA) and any break below targets 6850 (21- day MA). Short term trend reversal only below 6610.
It is good to buy on dips around 6925 with SL around 6850 for the TP of 7130/7300.
