FTSE100 breaks support at 6720, decline till 6525 likley
Major resistance- 6885 (Nov 23rd 2016)
Major support - 6720 (trend line joining 5727 and 6609)
The FTSE100 index made a high of 6847 on 30th Nov 2016 and started to show a decline from that level. It is currently trading around 6726.
The temporary top formed at 6882 will be acting as major resistance and any break above will take the index to 7000.
On the lower side, any break below 6720 will drag the index down till 6610 (Nov 9th low)/6520 (200- day MA).
The major resistance is around 7000 and any indicative break above will take the index till 7130/7300 (127.2% retracement of 7130 and 6609). The minor resistance is around 6766 (10-day MA)/6800 (55- day EMA).
It is good to sell on rallies around 6755-6760 with SL around 6850 for the TP of 6620/6520
Major support - 6720 (trend line joining 5727 and 6609)
The FTSE100 index made a high of 6847 on 30th Nov 2016 and started to show a decline from that level. It is currently trading around 6726.
The temporary top formed at 6882 will be acting as major resistance and any break above will take the index to 7000.
On the lower side, any break below 6720 will drag the index down till 6610 (Nov 9th low)/6520 (200- day MA).
The major resistance is around 7000 and any indicative break above will take the index till 7130/7300 (127.2% retracement of 7130 and 6609). The minor resistance is around 6766 (10-day MA)/6800 (55- day EMA).
It is good to sell on rallies around 6755-6760 with SL around 6850 for the TP of 6620/6520
