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O’Hare: Shorting Euro Stoxx 50 as Greek talks drag on

Steve O’Hare from First 4 Trading is interested in shorting the Euro Stoxx 50 index as markets continue to feel the impact of uncertainty in the euro area due to the stand-off between Greece and its international creditors.

Steve says markets in the last couple of months have been plagued by mixed and volatile price action. The April monthly candle posted a bearish shooting star, which was confirmed with May’s negative performance. In June, the bearish influence has controlled sentiment, although a turnaround over the last week offers investors some hope.

But with another uncertain weekend approaching Steve remains negative and prefers to approach Stoxx 50 from the short side, looking for opportunities to either sell into rallies or breaks of support.

Steve is planning to set shorts on a break lower below Thursday’s low of 3565 to target the daily gap on the charts near 3500. A move to there may lead to further panic selling and could open up a move towards better support at 3370. Steve’s stop for the trade is a move back above 3595.

01:25 minutes
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