Major Support- 7411 (20- day MA)
UK100 is trading lower for 3rd consecutive day and lost more than 120 point from high of 7530. The index was trading higher for past three months and jumped more than 15% from low of 6533 on easing trade tensions and strong global markets. US and China trade talks to resume next week and Chinese President XI promises that China will not engage in currency devaluation. US markets has closed slightly lower after hitting record high on Apr 23rd 2019.FTSE100 hits intraday low of 7400 and is currently trading around 7411.
On the lowerside, near term support is around 7400 (trend line support) and any break below will drag the index down till 7385/7341 (23.6% fib)/7300.
The near term resistance is around 7458 and any break above will take the index to next level till 7500/7530 level.
It is good to sell on rallies around 7425-30 with SL around 7465 for the TP 7341.
