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O’Hare: Bearish signals cross FTSE path
Concerns over Greek debt pulled UK stocks lower for the second consecutive day. This negative momentum has signaled a minor correction from a technical perspective on the FTSE 100 according to Steve O’Hare from First 4 Trading. He notes that a bearish engulfment pattern and a bearish flag formation have begun to form on the FTSE 100. A break of 6850 points would confirm both formations and signal further downward momentum. Steve is planning on selling on a break of 6850 points with a stop placed at 6900 points. He is targeting a move towards 6750 points, but remains positive in the medium-term despite this current minor correction.
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01:04 minutes
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