FTSE100:Sell on rallies (Confirm target 6680)
Major Support- 6800
FTSE100 is trading weak for past five trading session and has broken major support at 6800. The index has lost more than 3% from minor top 7000. The index moves slightly inverse to GBP trend. GBP was trading higher against all majors especially with USD and has jumped more than350 pips nearly 3% in previous week on hopes of DUP party supporting new Brexit deal in parliament. The index has formed double top around 7000 and started to decline. The index hits low of 6773 and is currently trading around 6787.
The index is trading below near term major support and this confirms minor trend reversal. A decline till 6713 (61.8% fib)/6680/6600/6545 likely.
The major resistance is around 7000 and any minor trend reversal only above that level.Any break above 7145/7200.The minor resistance is around 6860/6925.
It is good to sell on rallies around 6800-6810 with SL around 6865 for the TP of 6680.
FTSE100 is trading weak for past five trading session and has broken major support at 6800. The index has lost more than 3% from minor top 7000. The index moves slightly inverse to GBP trend. GBP was trading higher against all majors especially with USD and has jumped more than350 pips nearly 3% in previous week on hopes of DUP party supporting new Brexit deal in parliament. The index has formed double top around 7000 and started to decline. The index hits low of 6773 and is currently trading around 6787.
The index is trading below near term major support and this confirms minor trend reversal. A decline till 6713 (61.8% fib)/6680/6600/6545 likely.
The major resistance is around 7000 and any minor trend reversal only above that level.Any break above 7145/7200.The minor resistance is around 6860/6925.
It is good to sell on rallies around 6800-6810 with SL around 6865 for the TP of 6680.