FxWirePro
Long

FTSE100 takes support at trend line support, good to buy on dips

FX:UK100   FTSE 100 index of UK listed shares
52 2 3
Major resistance- 7000

Major support - 6720 (trend line joining 5727 and 6609)

The FTSE100 index has taken support near trend line and recovered sharply from that level. It is currently trading around 6812.

On the lower side, any break below 6720 will drag the index down till 6610 (Nov 9th low)/6520 (200- day MA).

The major resistance is around 7000 and any indicative break above will take the index till 7130/7300 (127.2% retracement of 7130 and 6609). The minor resistance is around 6885 (Nov 23rd high)/6931 (61.8% retracement of 7130 and 6609).

It is good to buy on dips around 6800 with SL around 6720 for the TP of 6930/7000

Related Ideas

MertErten
3 days ago
seems like a good short opportunity given the increase in equity prices are from OPEC talks.
Reply
MertErten MertErten
3 days ago
good short opportunity IMHO:
snapshot
Reply
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