FTSE100 faces resistance at 61.8%, good to sell on rallies
Major resistance- 6290 (61.8% retracement of 6048 and 6433)
The index has retraced till 6291 on Tuesday (31st May 2016) and started to decline from that level. It is currently trading at 6243.
FTSE100 should break above 0.618 level for further bullishness. Any break above 6290 will take the index to next level till 6351/6389/6430.
On the lower side support is around 6170 and any break below targets 6140 (61.8% retracement levels 6048 and 6291).
Overall bullish invalidation only below 6048 level.
It is good to sell on rallies around 6245-6250 with SL around 6300 for the TP of 6170/6140
The index has retraced till 6291 on Tuesday (31st May 2016) and started to decline from that level. It is currently trading at 6243.
FTSE100 should break above 0.618 level for further bullishness. Any break above 6290 will take the index to next level till 6351/6389/6430.
On the lower side support is around 6170 and any break below targets 6140 (61.8% retracement levels 6048 and 6291).
Overall bullish invalidation only below 6048 level.
It is good to sell on rallies around 6245-6250 with SL around 6300 for the TP of 6170/6140