FTSE100 faces major resistance at 5185, good to sell on rallies
Major support - 6100
FTSE100 has declined after making a high of 6173 yesterday. It is currently trading around 6111.
Short term trend is slightly weak as long as resistance 6185 holds.Minor bullishness can happen only if it breaks above 6185 (200 day MA).
Any indicative break above 6185 will take the index to next level till 6235/6285/6300.
Minor trend reversal only above 6350
On the lower side any break below major support 6100 will drag the index down till 6000/5850.
It is good to sell on rallies around 6115-6020 with SL around 6185 for the TP of 6000/5860
FTSE100 has declined after making a high of 6173 yesterday. It is currently trading around 6111.
Short term trend is slightly weak as long as resistance 6185 holds.Minor bullishness can happen only if it breaks above 6185 (200 day MA).
Any indicative break above 6185 will take the index to next level till 6235/6285/6300.
Minor trend reversal only above 6350
On the lower side any break below major support 6100 will drag the index down till 6000/5850.
It is good to sell on rallies around 6115-6020 with SL around 6185 for the TP of 6000/5860