Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FTSE100 faces strong neck line resistance at 6410, break above targets 7125

  • Pattern Formed- Inverse Head and Shoulder
     
  • Major resistance – 6410 (Trend line joining 6487 and 6433)
     
  • FTSE100 has broken minor resistance at 6323 (Jun 7th high) and is currently trading around 6330.
     
  • Market awaits EU referendum results which will be released on tomorrow (approxmatiely 4:00 GMT) for further direction.
     
  • The latest opinion polls shows in favour of Bremain
    (YouGovTimes online poll: 51% in favour of remaining in the EU against 49% in favour of Brexit, FT Poll 47% Remain vs. 45% Exit).

Bremain Scenario:

The FTSE index could break neck line at 6410, a jump till 6825/7125.

It is good to go long above 6410 with SL around 6200 for the TP of 6820/7125.

Brexit Scenario:

It is good to sell below 6175 (21 day MA) with SL around 6410 for the TP of 5600/5495

 

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.