FTSE100: Sell below break out
Major resistance- 6745 (Jul 14th high)
The index formed a temporary top around 6745 and started to decline from that level. It is currently trading around 6687.
Short term trend is lightly weak as long as resistance 6745 holds.
On the higher side, any break above temporary top around 6745 will take the index to 6784 (161.8% retracement of 6743 and 6677)/6814 (161.8% retracement of 6743 and 6610).
The minor support is around 6674 (trend line joining 6691 and 6677) and break below targets 6610/6553 (61.8% retracement of 6742 and 6433).
It is good to sell below 6670 with SL around 6745 for the TP of 6610/6555
The index formed a temporary top around 6745 and started to decline from that level. It is currently trading around 6687.
Short term trend is lightly weak as long as resistance 6745 holds.
On the higher side, any break above temporary top around 6745 will take the index to 6784 (161.8% retracement of 6743 and 6677)/6814 (161.8% retracement of 6743 and 6610).
The minor support is around 6674 (trend line joining 6691 and 6677) and break below targets 6610/6553 (61.8% retracement of 6742 and 6433).
It is good to sell below 6670 with SL around 6745 for the TP of 6610/6555