FTSE100: 127.2% retracement and Bearish divergence
Major resistance – 6625 (127.2% retracement of 6431 and 5727)
Major support – 6450 (200 WMA)
The index has made a temporary top around 6628 and declined from that level. It is currently trading around 6502.
On the lower side , index major support is around 6450 and any break below targets 6407 (7 day EMA)/6291 (4H Kijun-Sen)/6215 (21 day MA).
The break above temporary top would bring further bullishness till 6866 level.
Overall bullish invalidation only below 6200.
It is good to sell on rallies around 6520-6530 with SL around 6630 for the TP of 6408/6305
Major support – 6450 (200 WMA)
The index has made a temporary top around 6628 and declined from that level. It is currently trading around 6502.
On the lower side , index major support is around 6450 and any break below targets 6407 (7 day EMA)/6291 (4H Kijun-Sen)/6215 (21 day MA).
The break above temporary top would bring further bullishness till 6866 level.
Overall bullish invalidation only below 6200.
It is good to sell on rallies around 6520-6530 with SL around 6630 for the TP of 6408/6305