UK 100 Consolidates

Equity markets tread water amid US-China tensions over Taiwan. The FTSE is testing the supply zone (7470) at the start of a previous liquidation in early June. A bearish RSI divergence is a sign of over-extension and the rally could use some breathing room. 7360 is the first support and its break would force more buyers to bail out, triggering a sell-off to 7240, which is a critical level to keep the current rebound intact. On the upside, a close above 7470 would resume the recovery towards the triple top on the daily chart (7640).

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