Major support - 7470
FTSE100 has halted its 6 months bullish trend and is trading slightly lower. The index hits a high of 7620 and shown a decline of more than 100 points till 7474 on account of UK political uncertainty. It is currently trading around 7494.
Technically the index is trading slightly below 21- day MA and 7470 is acting as major support. Any violation below that level confirms that the index has formed a temporary top around 7620 and a dip till 7415-27/7370 is possible.
The near term resistance is around 7565 (61.8% fib) and any break above will take the index till 7600/7620.
It is good to sell on rallies around 7530-35 with SL around 7600 for the TP of 7371.
