Harmonic pattern - Bearish AB=CD pattern
FTSE100 has halted its two day of winning streak and declined nearly 80 points from the high of 7213 European markets are trading lower following footsteps of Wall Street. The index has formed temporary top around 7261 and shown a huge decline till 7042. Once again it jumped till 7213 and started to decline. UK markets are highly volatile due to Brexit uncertainty It hits intraday low of 7142.
On the lower side, near term support is around 7140 and any violation below will drag the index down till 7125/7095. Minor trend reversal only below 7042.
The near term resistance is around 7170 and any jump above that level will take the index till 7200/7215. Any break above 7261 confirms bullish continuation.
It is good to sell on rallies around 7175-80 with SL around 7215 for the TP of 7045.
