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Neighbour: FTSE to fall further

Joe Neighbour is expecting more downside for the FTSE 100, which has closed lower for the 7th straight session yesterday with its most aggressive sell off in the sequence.

Joe says: "I am very concerned about some of the patterns emerging on the longer term charts and as such I feel that there could be more downside over the short to medium term. The short term indicators are flashing oversold, therefore I am looking to sell a bounce rather than join the selling at market.".

Joe plans to look for roughly a 50% retracement of yesterday’s selling as an entry point to go short. This level on the cash index comes in at around 6465

Stop: 6510

Target: 6300

https://www.tradingfloor.com/about/niird

01:00 minutes
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