FTSE100 forms triple bottom at 7250, break below targets 7145
Chart pattern formed – triple bottom
Major support - 7250
Major resistance- 7322
FTSE100 has formed a temporary top around 7322 and started to decline from that level. The index broken major support at 7250 and break below confirms minor weakness. It is currently trading around 7231.
On the lower side, any break below 7250 will drag the index down till 7184 (200- 4H MA)/ 7145 (Feb 8th 2017).
Any break above temporary top at 7322 confirms further bullishness, a jump till 7369 (161.8% retracement of 7322 and 7253)/7400.
It is good to sell on rallies around 7250-7255 with SL around 7305 for the TP of 7145.
Major support - 7250
Major resistance- 7322
FTSE100 has formed a temporary top around 7322 and started to decline from that level. The index broken major support at 7250 and break below confirms minor weakness. It is currently trading around 7231.
On the lower side, any break below 7250 will drag the index down till 7184 (200- 4H MA)/ 7145 (Feb 8th 2017).
Any break above temporary top at 7322 confirms further bullishness, a jump till 7369 (161.8% retracement of 7322 and 7253)/7400.
It is good to sell on rallies around 7250-7255 with SL around 7305 for the TP of 7145.
