FTSE100 is trading higher for past 6 day and jumped till 300 points. It formed temporary bottom around 7079 and is currently trading around 7370. The main reason for jump
- Decline in US jobs data increased hopes of Fed rate cut
- Global stock market has shown good rally
- US President Trump announced on Sunday that US would be suspended indefinitely
Technically major near term resistance is around 7376 and any convincing break above confirms minor trend reversal and a jump till 7425/7500 likely. Any break above 7530 confirms bullish continuation
On the lower side, near term support is around 7300 and any violation below will drag the index till 7270/7245/7200.
It is good to buy on dips around 7320 with SL around 7275 for the TP of 7425/7530.
