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O’Hare: I’m shorting the FTSE 100 and here’s why

According to O’Hare, equity markets around the world remain negative. Despite an uptick over the last couple of weeks, selling pressure has returned and O’Hare expects the negative move to continue and possibly accelerate.

He says that FTSE 100 sellers stepped in near the 50% Fibonacci retracement of this years’ range, which coincided with a horizontal resistance level at 6425-6450. After four consecutive negative days, overnight equity strength has led to a higher open this morning and O’Hare views this as a selling opportunity.

He is looking to enter shorts on the open and would add to shorts at 6250 if there is a break of yesterday’s low. O’Hare’s targets on the trade are at 6165 and 6035 with a stop place above 6460.

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01:18 minutes
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