Chart pattern- Double top
FTSE100 is trading lower for 2nd consecutive days after forming a minor top around 7431. The decline was due to a slight weakness in the global stock market on the US-China trade deal uncertainty. US President Trump told reporters that "I don't think they are stepping up to the level that I want." The index has lost more than 200 points and closed well below 200- day MA. It is currently trading around 7211.
Technically, near- term support is at 7168 (61.8% fib), any violation below will drag the index down till 7140/7100. Major bearish continuation only below 7000.
On the higher side, major resistance is around 7280 and indicative breakthrough that level targets 7350/7400.
It is good to sell on rallies around 7225-30 with SL around 7280 for the TP of 7100.
