FTSE100 has halted its 2 week of weakness and jumped more than 80 points from the low of 7042 made yesterday. The index was trading weak and lost more than 3% after forming temporary top around 7262. The decline was mainly due to strong recovery in pound sterling on hopes of Brexit delay. The index hits intraday high of 7128 and is currently trading around 7119.
On the higher side, near term resistance is around 7131 (55- 4H EMA) and any break above will take the index till 7168-7178/7215. The index should break above 7262 for further bullishness.
The near term support is around 7100 and any violation below targets 7065/7042. Any break below 7042 (300- 4 H EMA) confirms further bearishness.
It is good to buy on dips around 7100 with SL around 7065 for the TP of 7261.
