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FxWirePro: FTSE100 takes support near 10-day MA, good to buy on dips

FTSE100 has halted its 2- week of uptrend and shown a minor decline till 7161. The index has formed minor top around 7261 and is currently trading around 7204.The index is holding steady on account of US-China trade talks optimism and bullish trend in global stock market. The index recovered more than 500 points from low of 6733 made on Jan 28 and is currently trading around 7208.

 

On the lower side, the index has taken support near 10 - day MA around 7160-65 and shown a minor recovery.Any minor weakness only below 7160 level and any break below will drag the index down till 7100-7137 (23.6% fib)/7046 (20- day MA). Any break below 7046 targets 7000.

 

The major resistance is around 7215-20 and any convincing break above targets 7262/7305.

 

It is good to buy on dips around 7170-75 with SL around 7137 for the TP of 7305.

 

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March 22 13:45 UTC Released

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52.5 %

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53.6 %

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53 %

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54.3 %

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-1541 %

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January 31 00:00 UTC 598434598434m

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2016 bln ARS

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