FxWirePro: FTSE100 Faces Major Resistance at 5185, Good to Sell on Rallies

FxWirePro: FTSE100 Faces Major Resistance at 5185, Good to Sell on Rallies

12 May 2016, 10:49
Roberto Jacobs
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FxWirePro: 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

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