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Trade view / 17 January 2014 at 8:15 GMT

Candles leave FTSE 'hanging' with intraday move lower likely

Steve O'Hare - First 4 Trading Steve O'Hare - First 4 Trading
Trader/Analyst / First 4 Trading
United Kingdom

Trade idea background

Prices managed to maintain the recent gains with FTSE closing at the highest level since September 2000. After the break above the downward-trending resistance, price action has been positive although the formation of a 'hanging man', in yesterday's trading, is a topping candle and warns of a reversal. Due to the recent aggressive move higher, profit-taking is impacting, and we expect a small correction lower today. We continue to maintain our medium-term bullish bias which looks to set longs in front of our first target level.

Trade management and risk description

Once trade is triggered and first target is reached, move stop to entry and continue to look for the second target on any balances.

Trade idea parameters

Entry: sell FTSE Index in front of 6,835.

Stop: a move above 6,855.

Target: 6,800 & 6,780

Time horizon: Intraday

Hourly chart 
ftse1.png

Source: Saxo Bank

Daily chart

ftse2.png

Source: Saxo Bank

Weekly chart

ftse3.png

Source: Saxo Bank

Disclaimer:
Non-independent investment research
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(mo)

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