FxWirePro: FTSE100 Recovers After Gap down Opening, Good to Sell on Rallies
18 April 2016, 10:54
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FxWirePro: FTSE100 Recovers After Gap down Opening, Good to Sell on Rallies
- Major resistance -6375
- The index has showed a gap down opening in the morning till 6260 and slightly filling up the gap. It is currently trading around 6309.
- Short term trend is still weak as long as resistance 6375 holds. Any break above 6375 will take the index to next level till 6400/6440 (200 W MA).
- The index should close above 6440 for further bullishness .Any close above 6440 will take the index to new 2016 high till 6487/6510 level.
- On the lower side major support is around 6215 (200 day MA) and break below targets 6160/6130 (55 day EMA)/6060.The minor support is at 6240.
It is good to sell on rallies around 6310-15 with SL around 6377 for the TP of 6220/6160/6135.
The material has been provided by InstaForex Company - www.instaforex.com
