FTSE breaks major support
Major support – 7130 (resistance turned into support).
Major resistance – 7210 (10- day MA)
FTSE100 breaks major support at 7130 and declined till 7116 at the time of writing. It is currently trading around 7120.
The index is trading slightly below major support 7130 and this confirms minor weakness, a decline till 7075/7000 is possible.
On the higher side, resistance is around 7176 (daily Kijun-sen) and any break above 7176 will take the index till 7215 (21- day MA) / 7265 (61.8% retracement of 7359 and 7116).
Overall trend reversal only above 7360 level.
It is good to sell on rallies around 7130-7135 with SL around 7176 for the TP of 7075/7000
Major resistance – 7210 (10- day MA)
FTSE100 breaks major support at 7130 and declined till 7116 at the time of writing. It is currently trading around 7120.
The index is trading slightly below major support 7130 and this confirms minor weakness, a decline till 7075/7000 is possible.
On the higher side, resistance is around 7176 (daily Kijun-sen) and any break above 7176 will take the index till 7215 (21- day MA) / 7265 (61.8% retracement of 7359 and 7116).
Overall trend reversal only above 7360 level.
It is good to sell on rallies around 7130-7135 with SL around 7176 for the TP of 7075/7000
