FTSE100 recovers after gap down opening, good to sell on rallies
Major resistance -6375
The index has showed a gap down opening in the morning till 6260 and slightly filling up the gap. It is currently trading around 6309.
Short term trend is still weak as long as resistance 6375 holds. Any break above 6375 will take the index to next level till 6400/6440 (200 W MA).
The index should close above 6440 for further bullishness .Any close above 6440 will take the index to new 2016 high till 6487/6510 level.
On the lower side major support is around 6215 (200 day MA) and break below targets 6160/6130 (55 day EMA)/6060.The minor support is at 6240.
It is good to sell on rallies around 6310-15 with SL around 6377 for the TP of 6220/6160/6135.
The index has showed a gap down opening in the morning till 6260 and slightly filling up the gap. It is currently trading around 6309.
Short term trend is still weak as long as resistance 6375 holds. Any break above 6375 will take the index to next level till 6400/6440 (200 W MA).
The index should close above 6440 for further bullishness .Any close above 6440 will take the index to new 2016 high till 6487/6510 level.
On the lower side major support is around 6215 (200 day MA) and break below targets 6160/6130 (55 day EMA)/6060.The minor support is at 6240.
It is good to sell on rallies around 6310-15 with SL around 6377 for the TP of 6220/6160/6135.
