Major support- 7366
FTSE100 is trading lower following the footsteps of global markets. The spread of coronavirus across 16 countries and an increase in the death toll in China is putting pressure on riskier assets like stocks. The index has formed a minor top at 7690 and declined more than 300 points. It is currently trading around 7359.
The BOE has kept its rates unchanged at 0.75% and downgraded the UK economy to the lowest level since the financial crisis.
The index is holding slightly below 200-day MA and this confirms minor weakness, a dip till 7300/7267 likely.
The immediate resistance is at 7430 (23.6% fib), any indicative break above targets 7476/7522. Major trend continuation only above 7730.
It is good to sell on rallies around 7380-85 with SL around 7430 for the TP of 7248
