Ftse100 : sell on rallies
Source: FxWire Pro - Technicals / 14 Aug 2019 09:44:13 America/New_York
Major support - 7150
FTSE100 is trading lower for the day and lost more than 130 points. The decline was due to weak UK economic data and Brexit deal uncertainty. It hits low of 7147 and is currently trading around 7161.
The index recovered till 7305 and started to decline from that level. The minor trend reversal only above 7305 levels. The near term resistance is around 7195 (200- day MA) and any violation above will take the index till 7235/7247.
On the flip side, any convincing below 7150 confirms major trend reversal and a dip till 7090/7042.
It is good to sell on rallies around 7195-200 with SL around 7255 for the TP of 7045.© FxWire Pro 2020. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.