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Neighbour: Why I’m selling FTSE 100
After the FTSE 100’s strong rally from recent lows, Joe Neighbour from Central Markets is looking to sell the index as he believes the momentum may be stalling.
The FTSE 100 closed higher on Wednesday despite the rest of Europe finishing lower, according to the Neighbour. He describes the trading day as “strange” because stocks that have typically been leading the index were all lower, while the shares that have been left behind such as resources lead the market to close higher.
With the recent rally reaching the 50% retracement level
from April’s highs, Neighbour therefor sees a good opportunity to sell. He also
notes that there is a possibility that the index could go lower as talks
between Greece and its international creditors drag on.
Neighbour is looking to sell at 6850 with a stop at 6905 and a target 6700.
01:03 minutes
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