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FTSE100: Double top and 55 W EMA

Monday, February 11, 2019 9:19 AM UTC

Chart pattern - Double top

FTSE100 has once again declined after a jump till 7188 level. The index has formed a minor bottom around 6532 and jumped nearly 10% on account of jump in global market and weak pound sterling.

The index has taken support near 23.6% fib around 7062 and shown a minor jump. Any weakness in the near term cane seen if FTSE100 trades below 7038 and any violation below targets 6962 (200 W MA). Any close below 6960 confirms further weakness and a dip till 6900/6833.Major bearish continuation only below 6733 level.

On the higher side near term resistance is around 7200-7220 any break above confirms bullish continuation and a jump till 7300/7560 is possible.

It is good to buy on dips around 7065-70 with SL around 7000 for the TP of 7200/7300.

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FTSE100: Double top and 55 W EMA

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