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Neighbour: Headwinds ahead for FTSE 100
European indices are expected to open lower ahead of the European Central Bank meeting on Thursday. Joe Neighbour from Central Markets is focused on the FTSE 100, and the potential for a corrective move lower. The index has exhibited signs of stagnation over the last couple of days of trading as some of the UK’s biggest companies faltered. Both Barclays PLC and Glencore PLC saw stock prices fall, pulling the FTSE 100 lower. From a technical perspective, this negative price action has pushed the FTSE 100 out of a bullish wedge pattern, meaning levels could revert back to the base of the pattern around 6720 points. This provides an opportunity to short the FTSE 100; however Joe remains bullish on the index over the long term. He is looking to sell the FTSE 100 at the market open with a target of 6720 points. A stop can be placed at 6980 points.
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00:55 minutes
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