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FTSE100: Sell on rallies

  • Major resistance – 6700 (4H Kijun-Sen).
     
  • Major support – 6620 (90 day EMA).
     
  • The index has broken major support at 6620 and declined till 6611 at the time of writing. It is currently trading around 6614.
     
  • The intraday trend is weak as long as resistance 6700 holds. Any break above 6700 will take the index to next level till 6760/6780 level.
     
  • On the lower side, any break below 6620 will drag the index down till 6550/6500.
     
  • Short term bearish invalidation only above 6780.

It is good to sell on rallies around 6640-6650 with SL around 6780 for the TP of 6510/6420

  • Market Data
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