FTSE100 has halted its 1- week of bullish trend and declined nearly 60 points from high of 7422. The entire European market performed well especially Germany DAX after Trump said tariff on Mexico will be stopped indefinitely and car makers performed well. But renewed trade war between US and China is putting pressure on global stock markets. US President Trump said that US will impose tariffs of $300 billion Chinese goods if Chinese President Xi does not attend G20 meeting. The index hits intraday low of 7357 and is currently trading around 7361.
On the lower side, 7340 will be acting as near term support and any violation below will drag the FTSE100 till 7300/7264/7240.
The major resistance is around 7425 and any break above will 7470/7530.
It is good to sell on rallies around 7380-85 with SL around 742 for the TP of 7250.
