Harmonic Pattern- Bearish AB=CD pattern
Potential Reversal Zone (PRZ)- 7510
UK100 was trading higher for past 3 weeks and jumped more than 4.5% on account of US-China trade optimism which has increased risk appetite. It hits hits high of 7489 and is currently trading around 7471.UK CPI for Mar came at 1.9% in line with previous month but slightly below forecast of 2%.
On the lowerside , near term support is around 7440 and break below will drag the index down till 7400/7385.
The near term resistance is around 7510 and any break above will take the index to next level till 7550/7600 level.
It is good to sell on rallies around 7500 with SL around 7525 for the TP 7385.
