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Neighbour: FTSE 100 rally running out of steam

The FTSE 100 has seen a strong comeback from the September lows, but Joe Neighbour says the rally is looking like it is running out steam and is looking to short the UK index.

According to Neighbour, the index appears to have failed at the downtrend line on the daily chart, which dates back to the highs in May and has capped any upside advances since. The FTSE 100 has almost retraced 50% of the large down move earlier this year, and Neighbour believes that in the near term there is a risk to the downside.

He is looking to sell into any strength and would ideally like to sell at 6330 and target a move towards 6100, a 61.8% retracement of the recent up move. His stop loss on the trade is 6405.

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01:19 minutes
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