TipTVFinance

FTSE - Pressuring into Fibo support

INDEX:FTSE   FTSE 100 Index
Resistance – 6334, 6365, 6400

Support – 6289, 6244-6232, 6200

  • Bearish break from rising trend line on hourly chart on Friday saw index trying to cut through 6311 (50% Fib of Apr 2015 high-Feb 2016 low).
  • A break below 6289 (Friday’s low) could see prices test hourly 200-MA at 6244 - 6232 (sideways channel level on daily chart ).
  • Rebound needs to ensure a violation at 6344 (hourly 100-MA) as that may yield 6370 (rising trend line hurdle on hourly).
  • On larger scheme of things, bull grip looks intact unless 200-DMA at 6200 is breached on daily closing basis.
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