FxWirePro: FTSE100 hits record high, good to buy on dips
Major resistance – 7130 (Oct 11th high) Major intraday support -6995 (10- day MA) . The index made a record high of 7238 at the time of writing and longest run of record close since 1997. The index is currently trading a…
The index made a record high of 7238 at the time of writing and longest run of record close since 1997. The index is currently trading at 7237.
On the higher side, index has broken recent high of 7227 and is trading slightly above that level. The major resistance is around 7300 and any break above confirms trend continuation and a jump till 7450 (161.8% retracement of 7130 and 6609) is possible.
The major intraday support of the index stands at 7155 (7- day EMA) and any break below targets 7050 (21- day EMA)/7010 (30-day EMA). Short term trend reversal only below 6610.
It is good to buy on dips around 7160-7170 with SL around 7010 for the TP of 7300/7450.
