FTSE100 forms Bearish Butterfly pattern, good to sell on rallies

FX:UK100   FTSE 100 Index
126 0 8
Harmonic pattern Formed – Bearish Butterfly pattern

Potential Reversal Zone (PRZ) – 7398

FTSE100 has formed Bearish Butterfly pattern in the hourly chart and is currently trading around 7361.

Any bullish continuation can be seen only above 7400 and any break above targets 7427 (161.8% retracement of 7399 and 7351).

On lower side,7325 (resistance turned into support) will be acting as immediate support and any break below targets 7295 (200- H MA)/7208 (61.8% retracement of 7090 and 7398).

It is good to sell on rallies around 7365 with SL around 7400 for the TP of 7295/7210
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