In the early American session, the London Stock Exchange #FTSE 100 is trading below the SMA of 21 and below a symmetrical triangle according to a 4-hour chart. There is downward pressure below 7,140.
Investors in London reacted favorably to the news that British GDP grew by 0.8% last May compared to the previous month. This data pushed up the London stock market to the level of 7,182.
According to the 4-hour chart, there could be a correction of the #FTSE 100 for the next few hours as the 8/8 murray zone and the bearish channel of the triangle are being dragged down. A fall below the 200 EMA (7,050) will open the door to good selling opportunities.
On the other hand, in case of a pullback to the 7,140 resistance zone, the index will also suggest good selling opportunities with the target at 6,875 if it cannot break and consolidate above this level (8/8).
The eagle indicator is in the neutral zone. There could be an upward movement or the price can resume the last bearish signal. Therefore, the key level to watch is the 7,740 zone. Below this level we must sell.
Support and Resistance Levels for July 12 - 13, 2021
Resistance (3) 7,220
Resistance (2) 7,171
Resistance (1) 7,140
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Support (1) 7,060
Support (2) 7,011
Support (3) 6,928
