FTSE100 trades well above 200 day MA, jump till 6447 is possible
Major support -6200 (9 day EMA)
Major resistance – 6225 (200 day MA)
The index has broken major resistance 6225 and closed well above that level yesterday .It has jumped till 6307 at the time of writing. It is currently trading around 6304.
Short term trend is slightly bullish as long as support 6200 holds. On the higher side minor resistance is around 6300 and any break above will take the index till 6340/6400/6447 (Dec 12th 2016)
FTSE minor support is around 6275 and break below will drag the index to next level around 6225/6200.Overall trend reversal can happen if it closes below 6000.
It is good to buy at dips around 6240 with SL around 6200 for the TP of 6340/6445.
Major resistance – 6225 (200 day MA)
The index has broken major resistance 6225 and closed well above that level yesterday .It has jumped till 6307 at the time of writing. It is currently trading around 6304.
Short term trend is slightly bullish as long as support 6200 holds. On the higher side minor resistance is around 6300 and any break above will take the index till 6340/6400/6447 (Dec 12th 2016)
FTSE minor support is around 6275 and break below will drag the index to next level around 6225/6200.Overall trend reversal can happen if it closes below 6000.
It is good to buy at dips around 6240 with SL around 6200 for the TP of 6340/6445.