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FTSE100: Shooting star and double top
Candlestick pattern- Shooting star
FTSE100 has halted its 5- week of winning streak and declined more than 80 points on Moody's UK credit rating downgrade. They have downgraded the outlook from "stable" to "negative" due to ongoing political uncertainty. It hits a low of 7255 and is currently trading around 7338.
UK 10-year gilts are trading higher for the past 10 days and jumped more than 40% and spread between 2 and 10-year yield widened to 15 bps.
The near-term resistance is around 7365 and any violation above will take the index up to the next level till 7400/7450. Minor trend reversal can happen only above 7450.
On the flip side, minor support is at 7300, any break below will drag the index down till 7240/7200. Major weakness only below 7000.
It is good to sell on rallies around 7390-7400 with SL around 7450 for the TP of 7250.