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Short

FTSE100 faces strong resistance at 6245,good to sell on rallies

FX:UK100   FTSE 100 Index
70 0 5
Major resistance – 6245(200 day MA)

Major support - 6080

The index has retreated after making a high of 6220 yesterday. It is currently trading around 6165.

Major resistance is around 6245 (200 day MA) and any break above 6245 confirms major trend reversal, jump till 6325/6348 is possible. The minor resistance is around 6220.

On the lower side minor support is around 6140 and break below targets 6100/6080/6000.

It is good to sell on rallies around 6175-80 with SL around 6245 for the TP of 6080/6005
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