UK 100Short
Trade Idea: FTSE 100 Index
I try to avoid gap/weekend risk as you never know how Monday could open however, for the aggressive trader, this opportunity may be of interest.
A weaker Pound was unable to support the FTSE 100 in the last 3 sessions, mostly likely because the index is comprised cyclical stocks such as financials and resources. At the time of writing the index is down by 0.96% and threatening to break below the incline support extending back to 21 April. We also note that while the price is holding above the incline support, the 14-day RSI has already breached support extending back to the 29-January lows.
For short-sellers, this level (7089) or HIGHER could be used to enter.
Stop: 7150
Target Range: 6980 down to 6940
A weaker Pound was unable to support the FTSE 100 in the last 3 sessions, mostly likely because the index is comprised cyclical stocks such as financials and resources. At the time of writing the index is down by 0.96% and threatening to break below the incline support extending back to 21 April. We also note that while the price is holding above the incline support, the 14-day RSI has already breached support extending back to the 29-January lows.
For short-sellers, this level (7089) or HIGHER could be used to enter.
Stop: 7150
Target Range: 6980 down to 6940
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