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Short

FTSE faces strong resistance at 200 W MA,good to sell on rallies

FX:UK100   FTSE 100 index of UK listed shares
96 0 4
Major resistance- 6430 (200 W MA)

Major support – 6296 (55 W EMA )

The index has made a high of 6471 yesterday and started to decline from that level . It is currently trading around 6375.

Overall trend is slightly weak as long as index not closes above 6430 (200 day MA) level.

FTSE100 major support is around 6296 and break below targets 6230/6180/6110 in short term.

On the upside major resistance is around 6430 and break above will take the index to next level around 6500/6560 level.

It is good to sell on rallies around 6375-80 with SL around 6440 for the TP of 6229/6180.
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