All stock indices seems to be defying gravity. I believe that we should be seeing some bearish sentiment coming in soon.
Pattern Identification
The FTSE100 completed a Bearish Shark Pattern at around the 7323 levels.
RSI starting to show a bearish divergence.
Trade Execution
Price action in the next few days will be critical. I would like to see one or two bearish candles before going short. An alternative entry will be to wait for the price to confirm and close below the support TL
Stops has to be way above at 7570
Targets I am looking at 6650 and 6225 levels giving it a 1:2 and 1:3.4 risk to reward ration
Pattern Identification
The FTSE100 completed a Bearish Shark Pattern at around the 7323 levels.
RSI starting to show a bearish divergence.
Trade Execution
Price action in the next few days will be critical. I would like to see one or two bearish candles before going short. An alternative entry will be to wait for the price to confirm and close below the support TL
Stops has to be way above at 7570
Targets I am looking at 6650 and 6225 levels giving it a 1:2 and 1:3.4 risk to reward ration