FTSE100 has shown minor decline after hitting 4month high of 7261. The index is trading higher following footsteps of US market. US market has closed higher with S&P500 and Dow Jones was trading higher 8th consecutive week and has closed well above 200- day MA. FTSE100 has jumped more than 500 points from minor bottom 6733. The index hits intraday low of 7207 and is currently trading around 7227.
The index’s minor support is around 7175 and any violation below will take the index to next level till 7151 (10- day MA)/7130. Any weakness in the near term can be seen if FTSE100 trades below 7090 (23.6% fib)and any violation below targets 7018 (20 day MA). Any close below 6975 confirms further weakness and a dip till 6900/6880.Major bearish continuation only below 6733 level.
On the higher side near term resistance is around 7287 any break above targets 7305 (200- day MA).Any bullish continuation only above 200- day MA.
It is good to buy on dips around 7170-75 with SL around 7135 for the TP of 7315.
