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FxWirePro: FTSE100 faces strong resistance at 6760, break above targets 6810/6840

  • Major resistance- 6760 (Jul 25th high)
     
  • The index has once again retreated after making a high 6758 and started to decline from that level. It is currently trading around 6738.
     
  • Short term trend is slightly weak as long as resistance 6760 holds.
     
  • On the higher side, any break above temporary top around 6760 will take the index to 6784 (161.8% retracement of 6743 and 6677)/6814 (161.8% retracement of 6743 and 6610)/6850.
     
  • The minor support is around 6717 (trend line joining 6662 and 6690) and nay break below targets  6681 (trend line joining 6610 and 6662) and break below targets 6553 (61.8% retracement of 6742 and 6433)/6500.

It is good to sell on rallies around 6715-6720 with SL around 6760 for the TP of 6610/6555

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