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Lucas: Why I'm selling the FTSE 100
The recent gains on the FTSE 100 have stalled and Steve Lucas from 3c Analysis sees a bearish future for the index.
Selling pressure increased on the FTSE 100 after two companies within the index missed analyst’s estimates on pre-tax profit: Aberdeen Asset Management reported a three percent decline in pre-tax profits on Tuesday and revenues from Barclays dropped in the first quarter causing profits to fall five percent. On Thursday, the company is expected to announce a reduction in the size of the company’s investment bank. The disappointing results from these two companies resulted in bearish momentum for the index. Steve believes this negative trend will continue as the selling pressure on Tuesday ended a sequence of higher daily lows.
Steve is looking to sell at the market open and a rally up to 6775. A stop on the trade can be placed at March’s high of 6804.5. His targets for the trade are Wednesday’s low of 6707 and 6663 which is the 29th of April base.
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Full aberdeen
01:05 minutes
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