- 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.
