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FxWirePro: FTSE100 Daily Outlook

Major resistance 7530

 

RSI bearish divergence

 

UK100 has halted its long winning streak and lost more than 50 points from high 7529 made yesterday. It has jumped more than 15% on account of US-China trade optimism which has increased risk appetite and strong global cues. UK government wants progress to be made in Brexit talks with Labor party but no improvement is happening in cross party talks.

 

On the lowerside , near term support is around 7450 and break below will drag the index down till 7400/7385.

 

The near term resistance is around 7530 and any break above will take the index to next level till 7550/7600 level.

 

It is good to sell on rallies around 7508-10 with SL around 7530 for the TP 7385.

 

By Rangarajan Hariharan
  • Market Data
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