Major Intraday resistance- 7450 (200- H MA)
UK100 has shown a minor jump till 7445 and started to decline. The index is trading lower for 4th 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. Euro is trading steady after Spain elections. Spain’s center -left Socialist Workers Party (PSOE) took 123 seats and will seek support of other parties to form a government.It hits intraday low of 7405 and is currently trading around 7412.
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 7451 (200- H MA) and any break above will take the index to next level till 7465/7500/7530 level.
It is good to sell on rallies around 7440-45 with SL around 7475 for the TP 7341.
