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FTSE 100 outlook –Awaits range breakout

FX:UK100   The FTSE 100 Index
Resistance – 6161, 6200, 6237

Support – 6077, 6036.70, 6000

  • FTSE finds itself stuck between a range marked by daily 200-SMA and daily 100-SMA.
  • Prices have failed to see a daily close above/below the respective average levels since 5th May.
  • The said range today is 6161-6077. The lower end of the range almost coincides with 38.2% of Feb low – April             high). As of now, waiting on the sidelines is advisable. Downside break on the daily closing basis would indicate the sell-off from the recent top of 6427 level has resumed
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