FxWirePro: FTSE100 Faces Resistance at 61.8% Extension, Good to Sell on Rallies
- Major resistance- 6290 (61.8% retracement of 6048 and 6433)
- The index has retraced till 6291 on Tuesday (31st May 2016) and started to decline from that level. It is currently trading at 6243.
- FTSE100 should break above 0.618 level for further bullishness. Any break above 6290 will take the index to next level till 6351/6389/6430.
- On the lower side support is around 6170 and any break below targets 6140 (61.8% retracement levels 6048 and 6291).
- Overall bullish invalidation only below 6048 level.
It is good to sell on rallies around 6245-6250 with SL around 6300 for the TP of 6170/6140