UK100 - Shooting star caps price action
UK100 - Intraday - We look to Sell at 6275 (stop at 6325)
Afternoon gains were sold into and follow through bearish momentum resulted in the market moving lower. A shooting star has been posted as prices reject the higher levels. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. The bias remains mildly bearish but there is scope for a move in either direction at the open. The reaction higher is positive, however, we view this as an opportunity to set shorts in line with the overall bearish move lower. Preferred trade is to sell into rallies.
Our profit targets will be 6125 and 6025
Resistance: 6275 / 6320 / 6388
Support: 6145 / 6100 / 6000
Afternoon gains were sold into and follow through bearish momentum resulted in the market moving lower. A shooting star has been posted as prices reject the higher levels. The overnight dip has been bought into and there is scope for further bullish pressure going into this morning. The bias remains mildly bearish but there is scope for a move in either direction at the open. The reaction higher is positive, however, we view this as an opportunity to set shorts in line with the overall bearish move lower. Preferred trade is to sell into rallies.
Our profit targets will be 6125 and 6025
Resistance: 6275 / 6320 / 6388
Support: 6145 / 6100 / 6000
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