Day trade
Trade view / 01 June 2016 at 7:10 GMT

FTSE – reversal candle at 62% Fibonacci signals pullback

partner and technical analyst / 3 c analysis
United Kingdom

Two days of investor indecision at a 62% Fibonacci correction were ended yesterday with a sharp reversal lower. This reversal candle has ended a sequence of higher daily lows and points signals down for a test of the key moving averages.

Management and risk description

Allow room to sell an intraday bounce and lower stop to entry if the first target is met.


Entry: market and 6230.0, Wednesday's low

Stop: 6250.0

Target: 6130.0, the 200-day average and 6092.0, the May 24 low.

Time horizon: today only.

 Source: CQG

FTSE Weekly - Buyers at 6000.0
  Source: CQG

FTSE Monthly - volatile losses
  Source: CQG

— Edited by Clare MacCarthy

Non-independent investment research disclaimer applies. Read more


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