FTSE100: Sell on rallies
Major support – 7280 (trend line joining 6869 and 7087).
Major resistance – 7360 .
FTSE100 has formed a temporary top around 7359 on Jan 16th 2017 and declined till 7218 yesterday.|
The index is trading well below trend line support and this confirms minor weakness, a decline till 7000 is likely. It is currently trading around 7227.
On the lower side, any close below trend line support will drag the index down till 7130 (resistance turned into support)/7095 (38.2% retracement of 6678 and 7359)/7000.
Any break above temporary top will take the index till 7396/7451 (161.8% retracement 7359 and 7223).The minor resistance is around 7305.
It is good to sell on rallies around 7235-7240 with SL around 7305 for the TP of 7095/7000
Major resistance – 7360 .
FTSE100 has formed a temporary top around 7359 on Jan 16th 2017 and declined till 7218 yesterday.|
The index is trading well below trend line support and this confirms minor weakness, a decline till 7000 is likely. It is currently trading around 7227.
On the lower side, any close below trend line support will drag the index down till 7130 (resistance turned into support)/7095 (38.2% retracement of 6678 and 7359)/7000.
Any break above temporary top will take the index till 7396/7451 (161.8% retracement 7359 and 7223).The minor resistance is around 7305.
It is good to sell on rallies around 7235-7240 with SL around 7305 for the TP of 7095/7000
