UK100 - Intraday - We look to Sell at 6300 (stop at 6360)
Price action has posted a bearish Outside Day and is negative for short-term sentiment. Although an initial rally was posted, sellers emerged and follow through bearish momentum resulted in all the previous day's gains being overturned. A bearish Head and Shoulders has formed. The move higher is mixed and volatile, common in corrective sequences. Further downside is expected although we prefer to sell into rallies close to the 6300 level.
Our profit targets will be 6120 and 6075
Resistance: 6300 / 6350 / 6390
Support: 6150 / 6120 / 6075
Price action has posted a bearish Outside Day and is negative for short-term sentiment. Although an initial rally was posted, sellers emerged and follow through bearish momentum resulted in all the previous day's gains being overturned. A bearish Head and Shoulders has formed. The move higher is mixed and volatile, common in corrective sequences. Further downside is expected although we prefer to sell into rallies close to the 6300 level.
Our profit targets will be 6120 and 6075
Resistance: 6300 / 6350 / 6390
Support: 6150 / 6120 / 6075
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