FTSE100 continues to trade weak for the past 1-week following the footsteps of global markets. The demand for riskier assets declined sharply on the outbreak of coronavirus in China. The total number died has increased to 106 and the number of infected cases jumped to 4515 from 2800 a day earlier. US markets have shown a massive sell-off yesterday and lost more than 1.5%. FTSE100 hits low of 7390 and is currently trading around 7402.
Technically, the index is trading below 200-8H MA) and any break below 7355 confirms bearish continuation, a dip till 7300/7200 likely. Extreme support to be watched in 7000.
On the higher side, major resistance is around 7460 (23.6% fib) and indicative break above will take the index to next level till 7500/7543/7600.
It is good to sell on rallies around 7460 with SL around 7510 for TP of 7300.
