Major resistance- 6780 (Jul 27th high)
The index has retreated after making a high 6780 (Jul 27th 2016) and started to decline from that level. It is currently trading around 6731.
Short term weakness can be seen only if FTSE100 closes below 200 HMA. The index has made a low of 6690 at the time of writing and jumped from that level.
On the higher side, any break above around 6760 will take the index to 6784 (161.8% retracement of 6743 and 6677)/6814 (161.8% retracement of 6743 and 6610)/6850.
The minor support is around 6700 (trend line joining 6610 and 6662, 200 HMA) and any close below targets 6610 (Jul 15th low)/ 6553 (61.8% retracement of 6742 and 6433)/6500.
It is good to sell below 6700 with SL around 6760 for the TP of 6610/6555
The index has retreated after making a high 6780 (Jul 27th 2016) and started to decline from that level. It is currently trading around 6731.
Short term weakness can be seen only if FTSE100 closes below 200 HMA. The index has made a low of 6690 at the time of writing and jumped from that level.
On the higher side, any break above around 6760 will take the index to 6784 (161.8% retracement of 6743 and 6677)/6814 (161.8% retracement of 6743 and 6610)/6850.
The minor support is around 6700 (trend line joining 6610 and 6662, 200 HMA) and any close below targets 6610 (Jul 15th low)/ 6553 (61.8% retracement of 6742 and 6433)/6500.
It is good to sell below 6700 with SL around 6760 for the TP of 6610/6555