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FxWirePro: FTSE100 downside capped by 23.6% fib, good to sell on rallies

FTSE100 has declined till 7139 yesterday and shown a good jump till 7215.The index has jumped for 3rd time above 7200 level and declined from that level. The index has formed temporary top around 7261 on Feb 15th and showing minor weakness from that level.The index has jumped more than 10% in past 50 trading day on account of US-China trade talks optimism and bullish trend in global stock market. It is trading around 7180.

On the lower side, the index is facing strong support around 7137 and shown a minor recovery.Any minor weakness only below 7137 level and any break below will drag the index down till 7100/7070 (21- day MA). Any break below 7070 targets 7000.

 

The major resistance is around 7215-20 and any convincing break above targets 7262/7305.

 

It is good to sell on rallies around 7185-90 with SL around 7230 for the TP of 7050.

 

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May 19 23:50 UTC Released

JPGDP QQ Pvt Consmp Prelim

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-0.1 %

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-0.1 %

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0.4 %

May 19 23:50 UTC Released

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2.1 %

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1.9 %

January 31 00:00 UTC 682711682711m

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-1541 %

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January 22 19:00 UTC 694531694531m

ARTrade Balance

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-1541 %

January 31 00:00 UTC 682711682711m

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 682711682711m

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2016 bln ARS

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Bln AR bln ARS

January 31 00:00 UTC 682711682711m

ARAnnual Primary Balance*

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2016 bln ARS

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Bln AR bln ARS

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