FTSE100 is trading lower following footsteps of Wall Street. US 10 year yield trading lower and below 3-month yield for the first time since 2007. This poses risk of recession and global markets crashed more than 2%. The index declined more than 2.5% from high of 7371 made on Mar 21st 2019. it hits low of 7175 and is currently trading around 7185.
On the lower side, any break below 7177 (23.6% fib) will drag the index down till 7140/7124. Any violation below 7075 will drag the FTSE100 till 7042/7000.
The near term resistance is around 7211 (300- day EMA) and any break below will take the FTSE100 till 7237-40 (200- day MA)/7262/7300. Any bullish continuation only above 7371.
It is good to sell on rallies around 7220-25 with SL around 7262 for the TP of 7125/7080.
