Menu

Search

  |   Technicals

Menu

  |   Technicals

Search

FxWirePro: FTSE100 trades well below 200-day MA, dip till 7025 likely

Chart pattern- Double top

 

FTSE100 is trading lower for 2nd consecutive days after forming a minor top around 7431. The decline was due to a slight weakness in the global stock market on the US-China trade deal uncertainty. US President Trump told reporters that "I don't think they are stepping up to the level that I want." The index has lost more than 200 points and closed well below 200- day MA. It is currently trading around 7211.

 

Technically, near- term support is at 7168 (61.8% fib), any violation below will drag the index down till 7140/7100. Major bearish continuation only below 7000.

 

On the higher side, major resistance is around 7280 and indicative breakthrough that level targets 7350/7400.

 

It is good to sell on rallies around 7225-30 with SL around 7280 for the TP of 7100.

  • Market Data
Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.