FxWirePro: FTSE100 forms double around 6950, good to sell on rallies

• Pattern Formed-  Double top (6940).
   
• Major resistance- 6956
   
• Major support - 6600
   
• The index has once again retreated from the high of 6941. It has almost formed a double top around 6940. It is currently trading around 6819.
   
• FTSE100 has formed a temporary top around 6956 and any major trend reversal can happen only above that level.
   
• The index breaks daily Tenkan-Sen around 6841 and slightly declined from that level. The major support is around 6810 (21- day MA) and any break below targets 6740 (55- day EMA)/ 6660 (23.6% retracement of 5727 and 6896)/6600.
   
• On the higher side, any break above temporary top will take the index till 7000/7147 (161.8% retracement of 6956 and 6646) level.

It is good to sell on rallies around 6850 with SL around 6960 for the TP of 6625