FTSE100 trades well below 6000, decline till 5495/5225 is likely
Pattern Formed- Inverse Head and Shoulder
Major resistance – 6410 (Trend line joining 6487 and 6433)
FTSE100 has made a high of 6384 and not able break above neck line. It has declined drastically after Britain votes to leave EU.
The FTSE index has broken below 6000 and declined till 5727. Short term trend is weak and a decline till 5490 (inverse Head and shoulder)/5225/5000 is possible.
On the higher side major resistance is around 6135 (61.8% retracement of 6384 and 5727)/ 6245/6385.
It is good to sell on rallies around 6130-6150 with SL around 6385 for the TP of 5500/5225.
Major resistance – 6410 (Trend line joining 6487 and 6433)
FTSE100 has made a high of 6384 and not able break above neck line. It has declined drastically after Britain votes to leave EU.
The FTSE index has broken below 6000 and declined till 5727. Short term trend is weak and a decline till 5490 (inverse Head and shoulder)/5225/5000 is possible.
On the higher side major resistance is around 6135 (61.8% retracement of 6384 and 5727)/ 6245/6385.
It is good to sell on rallies around 6130-6150 with SL around 6385 for the TP of 5500/5225.