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Short

FTSE100 faces resistance at 200 day HMA, good to sell on rallies

FX:UK100   The FTSE 100 Index
79 0 9
Major Intraday resistance- 6305 (200 day MA)

Major intraday support -6240 ( trend line joining 6260 and 6248)

FTSE100 has 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 6305 (200 day MA) and any break above will take the index till 6345/6361 ( 61.8% retracement of 6433 and 6248)/6412.

On the lower side any break below 6240 will drag the index down till 6200/6165/6100.

StochRsi-Sell

It is good to sell on rallies around 6300-6305 with SL around 6350 for the TP of 6205/6165


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