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Long

FTSE100 faces major support around 6040, good to buy at dips

FX:UK100   FTSE 100 index of UK listed shares
79 0 3
Major support – 6040 (55 day H EMA)

Major resistance – 6103 ( trend line joining 6116 and 6106)

The index has formed a temporary bottom around 6040 and started to recover from that level. It is currently trading around 6079.

On the lower side any break below major support 6040 will drag the index down till 6000/5970.

Short term bullish invalidation only below 5975 ( trend line joining 5494 and 5483)

FTSE100 resistance is around 6103 and any break above targets 6129/6170/6200.

It is good to buy at dips around 6070 with SL around 6035 for the TP of 6129/6170
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