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Long

FTSE100 forms Bullish Bat pattern, good to buy on dips

FX:UK100   The FTSE 100 Index
148 1 8
Harmonic pattern formed- Bullish Bat pattern

Potential Reversal Zone - 6646

The index declined sharply after making temporary top around 7130. FTSE100 breaks below 6800 major pschycological support and declined till 6750 at the time of writing.

FTSE100 is expected to take support at 6700 ( 88.6% retracement of 6646 and 7130) and slight recovery is possible till 6925 from that level.

On the lower side, break below 6645 confirms major trend reversal decline till 6431 (Jul 6th 2016 low) is possible

The index minor support is around 6800 (5- 4H MA) and any break above targets 6857 (10- 4H MA)/6925.

It is good to buy on dips around 6700 with SL around 6640 for the TP of 6855/6925
I am in this trade , took a long position from 6698
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