As per our analysis, FTSE100 is trading higher for 2nd consecutive days and jumped nearly 150 points from yesterday's low of 7049. The index was one of the worst performers in this month and lost more than 8% from high of 7729 made on Jul30th on ongoing Brexit uncertainty and global slowdown. UK bond yields are trading and spread between UK 10 -year and 2- year got inverted once again by 5 basis points. The index hits high of 7202 yesterday and is currently trading around 7184.
The near term resistance is around 7192 (200- day MA) and any daily close above 7195 (200- day MA) confirms minor bullishness and a jump till 7305 is possible. Any major reversal only above 7305.
On the flip side, the near term major support is around 7140 and any violation below will drag the index down till 7100/7020. Any major decline only below 7000.
It is good to buy on dips around 7145-50 with SL around 7100 for the TP of 7305.
