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FxWirePro: FTSE100 Daily Outlook

FTSE100 is trading higher and surged more than 100 points from yesterday's low of 7292. The jump was mainly due to the positive global stock market and a sharp increase in Halma share prices. The company has posted a 14% rise in pre-tax profit on account of acquisitions. The index hits high of 7404 and is currently trading around 7389.

 

The pound sterling is trading higher against all major especially USD, any break up 1.3020 will take the pair to next level till 1.3100/1.320.

 

On the flip side, near term support is around 7365 (23.6% fib) and the breach below will drag the index down till 7325-40/7300. Major trend reversal only underneath 7000.

 

The near-term resistance is at 7405 (trend line joining 7729 and 7428), an indicative bursting beyond targets 7430/7500.

 

It is good to buy on dips around 7345-50 with SL around 7300 for the TP of 7500.    

 

By Rangarajan Hariharan
  • Market Data
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