Pattern formed – Bullish divergence (CCI (50) and RSI (14)
Potential Reversal Zone (PRZ) – 5,845 (Feb 24th 2016)
The index has recovered yesterday after making a low of 5,906 yesterday. It is currently trading around 5,945.
Short term trend is slightly bullish as long as support 5,845 holds. Any further weakness can be seen only below 5,845 level.
On the higher side minor resistance is around 6,000 (hourly Kijun-Sen) and any indicative break above targets 6,052 (55 H EMA)/6,108 (7 day EMA).
FTSE100 is facing strong support at 5,845 and break below targets 5,732/5,600.
In daily chart CCI (50) and RSI (14) has formed bullish divergence pattern .So a slight jump is possible.
It is good to buy at dips around 5,925-5,930 with SL around 5,845 for the TP of 6,050/6,105
Potential Reversal Zone (PRZ) – 5,845 (Feb 24th 2016)
The index has recovered yesterday after making a low of 5,906 yesterday. It is currently trading around 5,945.
Short term trend is slightly bullish as long as support 5,845 holds. Any further weakness can be seen only below 5,845 level.
On the higher side minor resistance is around 6,000 (hourly Kijun-Sen) and any indicative break above targets 6,052 (55 H EMA)/6,108 (7 day EMA).
FTSE100 is facing strong support at 5,845 and break below targets 5,732/5,600.
In daily chart CCI (50) and RSI (14) has formed bullish divergence pattern .So a slight jump is possible.
It is good to buy at dips around 5,925-5,930 with SL around 5,845 for the TP of 6,050/6,105
