FxWirePro: FTSE100 upside capped by 61.8% fibo, good to buy on dips

• FTSE100 is trading in narrow range between 7282 and 7459 for the past one- month. The index has once again shown a minor dip after hitting high of 7432 yesterday and is currently trading around 7428.
   
• Short term trend is still weak as long as resistance 7451 (61.8% retracement of 7551 and 7282)and any close above will take the pair to next level till 7551/7600 in the short term.
   
• Overall bullish continuation only above 7600 level.
   
• The near term support is around 7395 (34 day EMA) and any break above will drag the pair down till 7379/7315/7282 in the short term.

It is good to buy on dips around 7425-30 with SL around 7390 for the TP of 7550/7600.