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FxWirePro: FTSE100 breaks minor trend line resistance, jump till 7305 likely
Minor Trend line resistance- 7163
FTSE100 has recovered sharply more than 150 points following the footsteps of Global stock markets. European markets especially DAX on hopes of fresh stimulus by the German government to counter the recession. UK index hits an intraday high of 7192 and is currently trading 7186.
On the flip side, near term support is around 7145 and any violation below will drag the index 7106/7085.
The near term resistance is around 7195 (200- day MA) and any break above will take to the next level till 7250/7305. Any violation above 7305 confirms bullish continuation.
It is good to buy on dips around 7145-50 with SL around 7100 for the TP of 7305.