FTSE100 takes support near trend line, good to buy on dips

FX:UK100   FTSE 100 Index
131 0 4
Major Support – 6950 ( trend line joining 6767 and 6809).

The index breaks below 6973 (200 –HMA) and declined till 6962 at the time of writing. It is currently trading around 6997.

FTSE             regained after making a low of 6962. Any minor weakness can be seen only below 6950.

Any violation below 6950 will drag the index down till 6905 ( 61.8% retracement of 6767 and 7129)/6831 ( 61.8% retracement of 6646 and 7129).

On the higher side, resistance is around 7037 (21- HMA ) and any break above targets 7100/7129 in the short term.

It is good to buy on dips around 6985-6990 with SL around 6950 for the TP of 7120
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