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Major resistance- 7165 (200- day EMA)
FTSE100 trading lower for 2nd consecutive days and declined more than 150 points. The decline was mainly due to
- Global stock market sell-off- US indices is trading weak for past 2 days and S&P500 lost more than 2.5% on ongoing trade war. US President Trump says that US will impose tariff on Mexican import from Jun 10th due to increase of illegal immigrants from Mexico .
- Declining bond yield: US 10 year bond yield declining further and hits lowest level since Sep 2017 and spread between US 10 year and 3 month widened to 20 basis point from 10 basis point (inverted).
On the lowerside, near term major support is at 7075 low made on Mar 8th 2019 and any further weakness only below that level. Any violation below will drag the index till 7040. Any break below 7040 confirms bearish continuation.
The major resistance is around 7175 and any convincing break above targets 7200/7240.The recent high 7238 high made yesterday will be acting as minor trend reversal. Any break above will take the index till 7280/7317.
It is good to sell on rallies around 7150-55 with SL around 7200 for the TP of 7045.
