FxWirePro: FTSE100 holds above 7200 level, jump till 7314 likely

FTSE100 has shown minor decline after hitting high of 7232 and is holding above 7200 level. The index is trading higher following footsteps of US futures market. S&P500 futures has shown a recovery of 0.40% from low of 2729. FTSE100 has jumped more than 450 points from minor bottom 6733. The weak pound sterling also supporting the index. Cable has lost more than 100 pips yesterday from the high 1.28780. The index hits intraday intraday low of 7178 and is currently trading around 7218.

The index’s minor support is around 7175 and any violation below will take the index to next level till 7148 (7- day MA)/7129. Any weakness in the near term can be seen if FTSE100 trades below 7070 and any violation below targets 7005 (20 day MA). Any close below 6975 confirms further weakness and a dip till 6900/6880.Major bearish continuation only below 6733 level.

On the higher side near term resistance is around 7200-7220 (300- day EMA) any daily close above confirms bullish continuation and a jump till 7300/7560 is possible.

It is good to buy on dips around 7170-75 with SL around 7135 for the TP of 7315.