Chart Pattern -2618 pattern
Major Support – 7290
The index has formed a temporary bottom around 7290 and shown a minor jump till 7390 yesterday and is currently trading 7383.
FTSE100 upside capped by 61.8% retracement of 7550 and 7287 at 7445 and any further movement can be seen above that level. Any break above will take the pair till 7550/7600.Overall bullish continuation only above 7600.
On the lower side, major support is around 7290 and any break below will drag the index down till 7225/7190 (161.8% retracement of 7287 and 7445)/7000.
It is good to sell on rallies around 7430-7440 with SL around 7500 for the TP 7195/7000.
Major Support – 7290
The index has formed a temporary bottom around 7290 and shown a minor jump till 7390 yesterday and is currently trading 7383.
FTSE100 upside capped by 61.8% retracement of 7550 and 7287 at 7445 and any further movement can be seen above that level. Any break above will take the pair till 7550/7600.Overall bullish continuation only above 7600.
On the lower side, major support is around 7290 and any break below will drag the index down till 7225/7190 (161.8% retracement of 7287 and 7445)/7000.
It is good to sell on rallies around 7430-7440 with SL around 7500 for the TP 7195/7000.