Short term
Trade view / 09 June 2016 at 11:19 GMT

FTSE posts a grave warning

Technical Analyst / FuturesTechs
United Kingdom

On Tuesday the FTSE Futures (June '16) got up to 6,315 on an early spike, then spent the rest of the day giving it all back. We closed back where we opened, some 50 ticks off the morning high. 

This left us with a "gravestone Doji" on the daily candlestick chart, which can be a very powerful reversal pattern. But we didnt see any follow-through to confirm this as a top yesterday, although early trade today has seen weakness that hints that we may be gearing up for something from the bears. 

Today's low is 6,236. We shall sell a break of this level if US trade kicks into life and attracts further selling.

Management and risk description

Once we're 50 ticks on side move the stop to entry. Cover/cut losses on a close back above 6250. We need it to be a closing break.


Entry: sell a break below 6,236 (June '15 Futures).

Stop: 50 ticks initially.

Targets: 6,180 then 6,120, maybe even 60,30.

Time horizon: one to two weeks.

Daily candlestick showing the gravestone Doji:

FTSE Daily
Weekly bar chart:

— Edited by Michael McKenna

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Non-independent investment research disclaimer applies. Read more
10 June
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
6180 target hit.
10 June
Corto Maltese Corto Maltese
yes but bouncing back; is it the end ?
10 June
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
I'm still short. Haven't seen anything to suggest a bounce yet...
10 June
Clive Lambert - FuturesTechs Clive Lambert - FuturesTechs
6120 target has now been hit.
10 June
DudetteUK DudetteUK
Great view Clive, thank you!


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