03.06.201604:05:00UTC+00Fxwirepro:ftse100 Faces Resistance at 61.8% Extension, Good to Sell on Rallies

• Major resistance- 6290 (61.8% retracement of 6048 and 6433)
   
• The index has retraced till 6291 on Tuesday (31st May 2016) and started to decline from that level. It is currently trading at 6243.
   
• FTSE100 should break above 0.618 level for further bullishness. Any break above 6290 will take the index to next level till 6351/6389/6430.
   
• On the lower side support is around 6170 and any break below targets 6140 (61.8% retracement levels 6048 and 6291).
   
• Overall bullish invalidation only below 6048 level.

It is good to sell on rallies around 6245-6250 with SL around 6300 for the TP of 6170/6140