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O'Hare: The FTSE's 'bearish bias'
After two very impressive Christmas holiday weeks, Steve O’Hare of PIA-First is looking at a bearish bias for the FTSE Index, as prices propelled higher towards the October/November highs. He's looking for some profit taking, not just in the UK but on some other European bourses.
According to O’Hare, the lack of interest within the UK sector will continue, as other major equity markets record new all-time highs. On this pull back in equities, O’Hare expects the FTSE to suffer more than its European cousins.
With the 2013 downward trending resistance coming in at around 6800, O’Hare is looking to sell in front of 6800 with stop at 6875. Targets are 6700, 6580 & 6450.
01:03 minutes
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