FTSE100 faces resistance at 200 W MA, good to sell on rallies
Major resistance- 6440 (220 W MA)
Major support – 6300 (55 W EMA)
The index has made a high of 6375 yesterday and started to decline from that level . It is currently trading around 6348.
Overall trend is slightly weak as long as index closes above 6440 level.
FTSE100 major support is around 6300 and break below targets 6230/6180/6110 in short term.
On the upside minor resistance is around 6375 and break above will take the index to next level around 6425/6440 level.
It is good to sell on rallies around 6370-75 with SL around 6440 for the TP of 6229/6180.
Major support – 6300 (55 W EMA)
The index has made a high of 6375 yesterday and started to decline from that level . It is currently trading around 6348.
Overall trend is slightly weak as long as index closes above 6440 level.
FTSE100 major support is around 6300 and break below targets 6230/6180/6110 in short term.
On the upside minor resistance is around 6375 and break above will take the index to next level around 6425/6440 level.
It is good to sell on rallies around 6370-75 with SL around 6440 for the TP of 6229/6180.
