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FxWirePro: FTSE100 Daily Outlook
Major resistance- 7305
FTSE100 continues to trade higher for 3rd consecutive days and jumped more than 200 points following the footsteps of Global stock markets. The European and Asian stocks recovered on stimulus hopes from China and Germany and delay by 90 days a ban on US companies doing business with Huawei. UK index hits an intraday high of 7233 and is currently trading 7212.
On the flip side, near term support is around 7183-90 and any violation below will drag the index 7150/7102. Any major weakness only below 7000.
The near term resistance is around 7240 and any break above will take to the next level till 7295-7305. Any violation above 7305 confirms bullish continuation.
It is good to buy on dips around 7185-90 with SL around 7140 for the TP of 7305.