• 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.

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