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O’Hare: A fast fall for FTSE
The FTSE Index’s celebration of a truly United Kingdom on Friday was short lived as prices returned to pre-rally levels and a new set of problems set in for the index . With prices now trading at the September low, Steve O’Hare from First 4 Trading is looking to set shorts as this bearish trend takes hold.
Selling pressure remained constant on Monday as concerning news for the FTSE Index rolled in. A steep profit reduction from Tesco, the British supermarket retailer, contributed to the equity index’s losses. Tesco cut its profit forecast by 250 million pounds and saw its stock fall to an 11 year low; this is the 3 price reduction for the retailer in the last two months. Concerns regarding slowing Chinese manufacturing levels also contributed to the bearish sentiment, ahead of Tuesday’s PMI data. With signals of continued resistance on multiple financial indicators Steve is looking to set shorts in market.
Steve is looking to sell at the market open and at 6800. He is targeting a move lower to 6675 and 6550. A stop can be placed at a break above 6850.
01:07 minutes
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