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O’Hare: A bearish future for the FTSE
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Steve O’Hare from First 4 Trading is looking to sell the FTSE Index as volatile price action continues.
On Thursday, the FTSE Index experienced aggressive selling pressure that continued until the market close. This downward momentum has created a bullish sentiment in the market, which is expected to continue on today.
In order for this bearish action to truly take effect, a break and close below the current long-term upward trending support line must occur. This would result in a reversal of the current market indicators.
Steve has highlighted two possible trade ideas given the market’s current severe selling stance. First, he is looking to sell a rally at 6610 with profit targets at 6550 and 6500. Or Steve is considering selling a break at 6545 with two targets set at 6500 and 6400.
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