FxWirePro:FTSE100 forms Bullish Cypher pattern, good to buy on dips
Harmonic Pattern formed – Bullish Cypher pattern. Potential reversal zone (PRZ) – 7250. FTSE100 has formed Bullish Cypher pattern the hourly chart and is currently trading around 7296. The index shown continuous decline …
FTSE100 has formed Bullish Cypher pattern the hourly chart and is currently trading around 7296.
The index shown continuous decline after making a top around 7449 (Mar 17th 2017 high) and made a low till 7252.
The near term resistance is around 7365 (200- H MA) and any break above targets 7400/7450 level in the short term. The minor resistance is around 7325 (support turned into resistance).
On lower side, 7250 (76.4% retracement of 7208 and 7449) will be acting as immediate support and any break below targets 7227 (61.8% retracement of 7090 and 7449)/7190 (Feb 24th 2017 low).
It is good to buy on dips around 7250 with SL around 7195 for the TP of 7400/7449.
