FTSE100 has lost more than 100 points in past two trading day following footsteps on Wall Street. Global stock market is trading extremely weak after ECB trims growth forecast. ECB has lowered growth projection by 1.1% from 1.7%. FTSE100 hits intraday low of 7099. The index has formed temporary top around 7261 and shown a huge decline till 7042. Once again it jumped till 7213 and started to decline.
On the lower side, near term support is around 7095 and any violation below will drag the index down till 7042. Minor trend reversal only below 7042. Any violation below 7042 targets 6990.
The near term resistance is around 7125 and any jump above that level will take the index till 7145/7169/7215. Any break above 7261 confirms bullish continuation.
It is good to sell on rallies around 7135-40 with SL around 7190 for the TP of 704/7000.
