FxWirePro:FTSE100 forms bearish crossover, good to sell on rallies
Major resistance – 6885 (Nov 23rd high) Major support -6610 Bearish Crossover (34- day EMA and 55- day EMA). The index forms temporary bottom around 6678 on Dec 2nd 2016 low and slightly shown a jump from that level. It …
The index forms temporary bottom around 6678 on Dec 2nd 2016 low and slightly shown a jump from that level. It is currently trading around 6742.
The bearish crossover (34- day EMA and 55- day EMA) in the daily chart confirms minor weakness.
On the higher side, major resistance is around 6885 and any violation above that level will take the index till 7000/7130.The 7130 level is the temporary top formed on Oct 11th 2016.
The major support of the index stands at 6609 the low formed on Nov 9th and any indicative break below targets 6530 (200- day MA)/6435 (Jul 6th low).
It is good to sell on rallies around 6775-6780 with SL around 6885 for the TP of 6615/6540
