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Short

FTSE100 faces strong resistance at 6350, good to sell on rallies

FX:UK100   FTSE 100 index of UK listed shares
83 0 3
Major resistance- 6350 (27TH Apr high)

Major intraday support -6200

FTSE100 has recovered after making a low of 6222 made a low of 6248 yesterday and slightly recovered till 6298 from that level. It is currently trading 6270.

The index major resistance is around 6320 (200 day MA) and any break above will take the index till 6350/6361 (61.8% retracement of 6433 and 6248)/6412.

On the lower side minor support is at 6240 and any break below 6200 will drag the index down till 6200/6165/6100.

StochRsi-Sell

It is good to sell on rallies around 6300 with SL around 6350 for the TP of 6205/6165


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