FTSE100 has halted its 2 week of weakness and jumped more than 90 points from the low of 7042 made yesterday. The index was trading weak and lost more than 3% after forming temporary top around 7262. The decline was mainly due to strong recovery in pound sterling on hopes of Brexit delay. The index hits intraday high of 7139 on account of US-China trade deal optimism and is currently trading around 7138.
On the higher side, the index is trading slightly above 7130 (55- 4H EMA) and this confirms minor bullishness and a jump till 7176/7215. The index should break above 7262 for further bullishness.
The near term support is around 7096 and any violation below targets 7065/7042. Any break below 7046 (300- 4 H EMA) confirms further bearishness.
It is good to buy on dips around 7115-20 with SL around 7090 for the TP of 7178/7215.
