FTSE100 jumps sharply on global stock recovery, any break above 7273 confirms bullish continuation

FTSE100 has hated its 8 days of loosing streak on Jun 3rd. It formed temporary bottom around 7079 and shown a recovery of more than 2.5%. The main reason for jump

 

1. Fed Rate cut hopes

 

1. Global stock market has shown good rally

 

1. US and Mexico trade deal optimism

 

Technically major near term resistance is around 7273 (55- H EMA) and any convincing break above confirms minor trend reversal and a jump till 7318/7375 likely.

 

On the lower side, near term support is around 7245 (300- day EMA) and any violation below will drga the index till 7200/7161 (200- day MA).

 

It is good to buy on dips around 7235-40 with SL around 7200 for the TP of 7318/7370.