Short term
Trade view / 15 June 2016 at 11:53 GMT

FTSE is frothy, will suffer a referendum retreat

Managing Partner / Spotlight Group
United Kingdom

The FTSE 100 opened higher, recovering some of the ground lost on Tuesday when the index fell sharply on worries over a possible Brexit.

The lead of the “Leave” campaign was reduced to 4% from 7% yesterday, however, more polls later in the day may well see the FTSE placed on the back foot so making his mornings gains nothing more than a dead cat bounce.

Any trading in UK related assets, bonds, equities, or forex has to be treated like a hot potato…do not be the last one holding it as the volatile aspect of the UK market will leave you with burnt fingers.
Source: Spotlight Ideas

Spot has fallen under 6,000 and is now firmly below both the 50- and 200-day moving averages. This opens a risk to the 5,700 are seen in February if next week’s polls show the UK voting to leave the European Union.

Five-year chart:
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Source: Spotlight Ideas

Parameters (FTSE 100)

Entry: sell 5,976.00 area.

Targets: 5,920… 5,849… 5,780.

Stop: 6,100.

Time horizon: short term.

— Edited by Michael McKenna

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Non-independent investment research disclaimer applies. Read more


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