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FxWirePro: FTSE100 downside capped by 23.6% fib, good to buy on dips
Major support - 7377 (23.6% fib)
FTSE100 is in a consolidation phase for the past 5 days and is trading between 7468 and 7379. The index has formed a minor bottom around 7079 on Jun 3rd and jumped more than 5% on account of strong global markets and easing trade war tension. Markets major move can see only after Trump and Xi Jinping meeting in the G20 summit. It hits an intraday high of 7423 and is currently trading around 7418.
The near term major resistance is around 7468 high made on Jun 18th 2019 and any convincing break above targets 7500/7530.
On the flip side, major support is at 7377 (23.6% fib) and any violation below will take the index to next level 7345/7317 (20- day MA).
It is good to buy on dips around 7400 with SL around 7360 for the TP of 7500.