FTSE100 upside capped by 10- day MA, good to sell on rallies
Major support – 7100 (resistance turned into support)
Major resistance – 7165 (10- day MA)
FTSE100 shown a jump till 7176 yesterday and declined sharply from that level. It is currently trading around 7094.
The index upside capped by 10 –day MA and slight bullishness only above that level.
On the higher side, resistance is around 7165 (10- day MA) and any break above 7165 will take the index till 7215 (21- day MA) / 7265 (61.8% retracement of 7359 and 7116)/7300.
The immediate support is around 7060 (60- day EMA) and any break below will drag the index down till 7000/6969 (100- day EMA).
Overall trend reversal only above 7360 level.
It is good to sell on rallies around 7125 with SL around 7165 for the TP of 7069/7000
Major resistance – 7165 (10- day MA)
FTSE100 shown a jump till 7176 yesterday and declined sharply from that level. It is currently trading around 7094.
The index upside capped by 10 –day MA and slight bullishness only above that level.
On the higher side, resistance is around 7165 (10- day MA) and any break above 7165 will take the index till 7215 (21- day MA) / 7265 (61.8% retracement of 7359 and 7116)/7300.
The immediate support is around 7060 (60- day EMA) and any break below will drag the index down till 7000/6969 (100- day EMA).
Overall trend reversal only above 7360 level.
It is good to sell on rallies around 7125 with SL around 7165 for the TP of 7069/7000
