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FxWirePro: FTSE100 trades lower as China to reduce stimulus plan, good to sell on rallies
Major resistance 7530
RSI bearish divergence
UK100 is trading lower for 2nd consecutive day and lost more than 100 point from high of 7530. the decline was mainly due to concern that China will reduce stimulus. Mining shares declined sharply as prices of base metal lost sharply in Shanghai market. US markets has closed slightly lower after hitting record high on Apr 23rd 2019.FTSE100 hits intraday low of 7411 and is currently trading around 7420
On the lowerside, near term support is around 7411 (20- day MA) and any break below will drag the index down till 7385/7341 (23.6% fib)/7300.
The near term resistance is around 7458 and any break above will take the index to next level till 7500/7530 level.
It is good to sell on rallies around 7455-60 with SL around 7500 for the TP 7341.