Candlestick pattern- Bullish engulfing pattern
FTSE100 has halted its three day of decline and recovered more than 60 points from low of 7075 made on Mar 8th 2019. The index was weak on Friday on weak US jobs data. US market especially S&P500 declined below 200 day MA till 2720 and shown a good recovery.The jump in FTSE100 was supported by weak pound and has lost more 100 pips on Friday.
On the lower side, near term support is around 7095 and any violation below will drag the index down till 7075/042. Minor trend reversal only below 7042. Any violation below 7042 targets 6990.
The near term resistance is around 7145 (10- 8H MA) and any jump above that level will take the index till 7169/7215. Any break above 7261 confirms bullish continuation.
It is good to buy on dips around 7115-20 with SL around 7075 for the TP of 7215/7260.
