Major support -6080 (trend line joining 6006 and 6060)
Major resistance – 6225 (200 day MA)
The index has once again retreated after making a high of 6217. It is currently trading around 6169.
Short term trend is slightly weak as long as resistance 6225 holds. On the higher side any close above 6225 will take the index to next level till 6275/6325 in short term.
FTSE minor support is around 6160 and break below will drag the index to next level around 6120/6080/6060.Overall trend reversal can happen if it closes above 6225.
It is good to sell on rallies around 6180-85 with SL around 6225 for the TP of 6120/6080.
Major resistance – 6225 (200 day MA)
The index has once again retreated after making a high of 6217. It is currently trading around 6169.
Short term trend is slightly weak as long as resistance 6225 holds. On the higher side any close above 6225 will take the index to next level till 6275/6325 in short term.
FTSE minor support is around 6160 and break below will drag the index to next level around 6120/6080/6060.Overall trend reversal can happen if it closes above 6225.
It is good to sell on rallies around 6180-85 with SL around 6225 for the TP of 6120/6080.