Candlestick pattern: Shooting star pattern
FTSE100 has halted its 1-week of winning streak. The index hits high of 7352 and shown a minor decline.It has jumped more than 12% from low of 6533 on account of strong global markets and positive Brexit news.Markets eye UK CPI data which is to be released today for further direction.UK Parliament to vote today for third time on Brexit deal after two previous defeat. GBP has lost more than 80 pips after showing a recovery till 1.33110.
On the lower side, near term support is around 7280 (23.6% fib) and any violation below will drag the index down till 7245 (200-day MA)/7215/7180/7167 (20- day MA). Minor trend reversal only below 7082 (55- day EMA). Any violation below 7080 targets 6990.
The index has lost nearly 50 points from high of 7352and closed slightly below trend line resistance. The near term major resistance is around 7355 and any break above will take the index till 7385.
It is good to sell on rallies around 7340-45 with SL around 7385 for the TP of 7245/7220.
