Harmonic pattern- Bearish Bat pattern
Potential Reversal Zone (PRZ)- 7371
FTSE100 has halted its 4 day of winning streak and lost nearly 25 points from the intraday high of 7356. The index was trading higher following footsteps of US markets. It has formed temporary top around 7371 and is currently trading around 7328.
On the lower side, near term support is around 7309 (23.6% fib) and any break below will drag the index down till 7265 (10- 4 HMA)/7233 (55- 4H EMA). Any close below 7230 confirms further weakness.
The near term resistance is around 7371 and any violation above will take the index to next level till 7400/7428/7500.
It is good to sell on rallies around 7350-55 with SL around 7375 for the TP of 7265/7235.
