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Trade idea: Sell FTSE 100 as market moves back to neck line
Joe Neighbour from Central Markets is looking to sell FTSE 100; yesterday's rally saw the market move back to the neck line of the completed head and shoulders top pattern at around 6500, and Joe believes this is a good chance to sell.
Joe says the short term moving averages are in decline and momentum indicators remain negative in the near term. Also, with ongoing concerns over tensions in the Middle East, and with September being historically a weaker month for equities, he expects the correction to play out.
As a result, Joe is looking to sell around 6495 and for a stop at 6555. The target for the trade is around 6320 which is also around the 200 day moving average.
00:57 minutes
Tags: central markets, equities, equity market, forex, ftse, ftse 100, fx trading, head and shoulders pattern, investing, investment, joe neighbour, markets, middle east, middle east tensions, mneck line, rally, saxo bank, saxo tv, trade idea, trader, trading, trading risks, tradingfloor.com, video