Chart Pattern- Triple top
Major resistance- 7450
FTSE100 has formed a triple top near 7450 and shown a minor decline from that level. The index was trading higher for the past 2- days and jumped more than 200 points on strong global cues. The hopes of the US-China trade deal have increased the demand for riskier assets like stocks. S&P500 hits a fresh all-time high at 3132 and hovering around that level.
Technically, near-term support is around 7370 (23.6% fib) and any violation below will drag the index down till 7335/7319. Any close below 7280 confirms the bearish continuation.
The major resistance is at 7450, the violation above will take the index till 7500/7550.
It is good to sell on rallies around 7415-20 with SL around 7455 for the TP of 7300.
