FTSE Meets Strong Resistance At 7030/40
Jason Sen | Oct 16, 2018 12:50AM ET
FTSE holding above minor support at 6985/80 meets strong resistance at 7030/40. Shorts need stops above 7055. A break higher is a buy signal targeting 7120/30. Try shorts with stops above 7150. A break higher targets 7180/90. Above 7205 look for minor resistance at 7220/25 then a selling opportunity at 7265/75.
Failure to hold minor support at 6985/80 risks a slide to 6950 and 6930 before very important support at 6920/6900. This has to be worth try longs (again), with stops below 6860. A break lower is a sell signal initially targeting the 2018 low at 6780/6766 with a break below here obviously signalling further significant losses in to the end of the week.
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