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FTSE – Rising trend line breached

INDEX:FTSE   FTSE 100 Index
Daily Chart

Formation- Rising trend line breached, bullish crossover between 50-SMA and 200-SMA

Support – 6110, 6060, 6036.70

Resistance – 6217, 6260, 6322.40

  • Bearish daily close below rising trend line has opened doors for a drift lower to strong support at 6060 levels.
  • On the higher side, rising trend line hurdle at 6217 is likely to restrict gains. Nevertheless, a rebound from 200-DMA could yield an upside break towards 6260 levels.
  • Traders need to watch out for a rejection at rising trend line hurdle at 6217.
  • The bullish crossover between 50-SMA and 200-SMA is a welcome news, but it is often a laggard indicator.
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