FxWirePro: FTSE100 trades higher, good to buy on dips
FTSE100 forms a minor bottom near 7300 and recovered sharply from that level. The index jumped till 7468 at the time of writing. It is currently trading around 7469. UK FTSE100 broken minor trend line resistance around 7…
FTSE100 forms a minor bottom near 7300 and recovered sharply from that level. The index jumped till 7468 at the time of writing. It is currently trading around 7469.
UK FTSE100 broken minor trend line resistance around 7427 (trend line joining 7478 and 7426) and any is trading well above that level.
The index also trading above hourly Tenkan-Sen (7440) and Kijun-Sen (7418). Intraday weakness can be seen only below 7375 (200- H MA).
On the higher side, near term resistance is around 7488 and any break above will take the index till 7558/7600.
In the hourly chart, RSI is in over bought zone and it is expected to show a minor correction
It is good to buy on dips around 7450 with SL around 7400 for the TP of 7550/7599.
