FxWirePro: FTSE100 Faces Major Resistance at 5185, Good to Sell on Rallies
12 May 2016, 10:49
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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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