I believe UK stocks and the FTSE index in particular is due another bearish wave now. Price is in the perfect region for another lower high to form and selling to begin once more.
Using the fibonacci retracement tool on the 4hr/daily price waves there is the 0.786 level above to act as resistance. Price is in the region of the daily 50EMA with longer term bearish trend alignment of the 50 and 200EMA's apparent.
Selling from this level with a conservative sized SL and targeting the previous support zone (5800) and lower lows (5680) has the potential to produce good returns. Targets are shown on the chart.
I am still short FTSE from 6312.00 and I think bearish bets going in to the end of the year is the best probability outcome.
Using the fibonacci retracement tool on the 4hr/daily price waves there is the 0.786 level above to act as resistance. Price is in the region of the daily 50EMA with longer term bearish trend alignment of the 50 and 200EMA's apparent.
Selling from this level with a conservative sized SL and targeting the previous support zone (5800) and lower lows (5680) has the potential to produce good returns. Targets are shown on the chart.
I am still short FTSE from 6312.00 and I think bearish bets going in to the end of the year is the best probability outcome.
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TP1 now reached at 5800.00
