FxWirePro: FTSE100 Faces Strong Resistance at 200 WMA, Good to Sell on Rallies

FxWirePro: FTSE100 Faces Strong Resistance at 200 WMA, Good to Sell on Rallies

20 April 2016, 13:21
Roberto Jacobs
0
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FxWirePro: FTSE100 Faces Strong Resistance at 200 WMA, Good to Sell on Rallies

  • Major resistance- 6430 (200 W MA) 
  • Major support – 6296 (55 W EMA) 
  • The index has made a high of 6471 yesterday and started to decline from that level . It is currently trading around 6375. 
  • Overall trend is slightly weak as long as index not closes above 6430 (200 day MA) level. 
  • FTSE100 major support is around 6296 and break below targets 6230/6180/6110 in short term. 
  • On the upside major resistance is around 6430 and break above will take the index to next level around 6500/6560 level.

It is good to sell on rallies around 6375-80 with SL around 6440 for the TP of 6229/6180.

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