Major Intraday resistance- 7455 (38.2% fib)
UK100 is consolidating after hitting low of 7400 level.It hits high of 7456 yesterday and started to decline. The index is trading lower for 4th consecutive day and lost more than 120 point from high of 7530. The latest talks happened between ministers and labor were productive and positive.Markets eye UK manufacturing PMI and BOE monetary policy for further direction.It is currently trading around 7423.
On the lowerside, near term support is around 7400 (trend line support) and any break below will drag the index down till 7385/7341 (23.6% fib)/7300.
The near term resistance is around 7455 (38.2% fib) and any break above will take the index to next level till 7500/7530 level.
It is good to sell on rallies around 7440-45 with SL around 7475 for the TP 7341.
