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Playing The FTSE Rally
There's still more value in the FTSE 100 index, according to trader Richard Perry from Central Markets. He's looking to sell on any strength towards 6200. It finished higher for a second straight session on Wednesday. However, Richard says the index is currently unwinding an oversold position and that momentum indicators remain in bearish configuration. That suggests a technical rally is playing out.
As a result, Richard is planning to place a stop above the intraday reaction high of 6243. Many analysts suggest the market remains nervous and that trade could be rather choppy over the summer.
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Tags: analysts, bearish, business, central markets, equity, ftse, ftse 100, ftse100, index, intraday, lea, markets, oversold, perry, rally, reaction, richard, richard perry, saxo, saxo bank, saxotv, shares, summer, trader, traders, trading, tradingfloor.com, tradingfloorcom, tv