Major resistance- 7450
FTSE100 is trading weak for the past 5 trading days and lost nearly 200 points from high of 7447. The decline was due to a slight escalation in a trade war and political unrest in Hong Kong. Trump said on Monday that the US will impose tariffs on steel and aluminum from Argentina and Brazil of devaluing their currencies which is hurting farmers. It hits an intraday low of 7252 and is currently trading around 7257.
Technically, near term support is around 7240 and any violation below will drag the index down till 7200/7140/7100. A bearish renewal only underneath 7100.
On the higher side, major resistance is at 7289 (200- 4H MA) and any violation beyond that level targets 7314/7351. Main trend reversal only over 7450.
It is good to sell on rallies around 7285-90 with SL around 7350 for the TP of 7140.
