FxWirePro:FTSE100 struggles to break above 7000, good to sell on rallies
Major resistance – 7000 (Nov 23rd high) Major support -6610 The index recovered sharply till 6978 after making a low of 6687. It is currently trading around 6940. On the higher side, index is facing pschycological resist…
The index recovered sharply till 6978 after making a low of 6687. It is currently trading around 6940.
On the higher side, index is facing pschycological resistance at 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 6860 (38.2% retracement of 6678 and 6978) and any break below will drag the index down till 6813 (100- 4H MA)/6759 (61.8% retracement of 6610 and 6999)/6678. Short term trend reversal only below 6610.
It is good to sell on rallies around 6925-6930 with SL around 7000 for the TP of 6800/6680.
