FTSE100 has shown a minor recovery after 20 day of huge selling of more than 5% on renewed US and China trade tension. US has imposed trade tariff of $200 billion Chinese goods from 10% to 25%. US markets declined more than 5% on trade escalation. It hits high of 7235 and is currently trading around 7231.
On the higher side, near term resistance is around 7242 (300-day EMA) and any break above targets 7310 (300- day EMA)/7385.
The near term support is around 7180 and any violation below will drag the index till 7126/7075/7037.
It is good to buy on dips around 7180-90 with SL around 7127 for the TP of 7310.
