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FxWirePro: FTSE100 faces strong support around 7160, break below targets 7000

FTSE100 has once again declined after showing a jump above 7200 level. The index hits high of 7243 and declined more than 75 points from the high .FTSE100 has formed almost a double bottom around 7160.The index has jumped more than 10% in past 50 trading day on account of US-China trade talks optimism and bullish trend in global stock market. It is currently trading around 7176.

 

On the lower side, the index is facing strong support  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 sell on rallies around 7185-90 with SL around 7230 for the TP of 7050.

 

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