Major Support- 7020
FTSE100 continues to trade higher for 4th consecutive day on strong global cues. US markets jumped sharply and hit an all-time high on US-China trade optimism. The two countries are expected to sign phase one deal by this month. The overall trend of FTSE100 is bullish as long as support 7239 holds.
With no major economic data for the day markets eye BOE monetary policy for further direction. Technically, near-term support is around 7350, any break below will drag the index down till 7300/7242-45. Major weakness only below 7240.
On the higher side, major resistance to be watched is 7450 and breakthrough confirms that slump from 7729 got over at 7020. A violation above targets 7500/7530.
It is good to buy on dips around 7350-55 with SL around 7300 for the TP of 7450.
