Major resistance- 7000
Major support - 6720 (trend line joining 5727 and 6609)
The FTSE100 index has taken support near trend line and recovered sharply from that level. It is currently trading around 6812.
On the lower side, any break below 6720 will drag the index down till 6610 (Nov 9th low)/6520 (200- day MA).
The major resistance is around 7000 and any indicative break above will take the index till 7130/7300 (127.2% retracement of 7130 and 6609). The minor resistance is around 6885 (Nov 23rd high)/6931 (61.8% retracement of 7130 and 6609).
It is good to buy on dips around 6800 with SL around 6720 for the TP of 6930/7000
Major support - 6720 (trend line joining 5727 and 6609)
The FTSE100 index has taken support near trend line and recovered sharply from that level. It is currently trading around 6812.
On the lower side, any break below 6720 will drag the index down till 6610 (Nov 9th low)/6520 (200- day MA).
The major resistance is around 7000 and any indicative break above will take the index till 7130/7300 (127.2% retracement of 7130 and 6609). The minor resistance is around 6885 (Nov 23rd high)/6931 (61.8% retracement of 7130 and 6609).
It is good to buy on dips around 6800 with SL around 6720 for the TP of 6930/7000
