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FTSE100 is trading weak after a minor jump till 7556 on Feb 12th. The decline was mainly due to weakness in global stock markets. US markets especially S&P500 lost more than 0.8% from an all-time high of 3390 due to the outbreak of coronavirus. The total number of people died has increased to 1770, the number of infected cases crossed 70000. FTSE100 hits an intraday low of 7359 and is currently trading around 7398.
Technically, near-term support stands around 7356 and any violation below will drag the index down till 7315/7265.
On the higher side, immediate resistance is around 7464 and break above targets 7487/7503.
It is good to sell on rallies around 7450-60 with SL around 7505 for the TP of 7265.
