Major support- 7200-215 (psychological and 200- day MA)
FTSE100 ha taken support near 200- day MA and shown massive recovery. The jump was mainly due to weak pound sterling and positive US markets. Markets eye US-China trade talks which are to happen in 2 weeks for further direction. It hits an intraday high of 7355 and is currently around 7353. The yield curve has inverted and spread is narrowed to 0.60 bps.
On the flip side near term, support is around 7270 and any violation below will drag the index down till 7238/7212. Any close below 7200 confirms the bearish continuation. Major trend reversal only below 7000.
The near term resistance is around 7380 high made on Sep 13th, 2019 and any break above targets 7432/7500.
It is good to buy on dips around 7310-15 with SL around 7270 for the TP of 7460.
