FTSE DAILY SHORT - dropped yesterday and today with significant break of 6000.
Sell into bearish close, support of previous weeks broken. Higher time frame Fibonacci levels around 6200 have held.
Moving averages crossing downwards, MACD Histogram falling and Stochastic giving sell signal.
Oversold now so may bounce to 6000 but this may well act as resistance and higher timeframe downtrend will resume thereafter.
Alternatively, HT Fib support at .38 level of Feb/March down move will hold and send price back into range of previous 8 weeks.
Strategy: E: 5873, S: 6087 (-1R), T: 5480 (+2.5R)
Sell into bearish close, support of previous weeks broken. Higher time frame Fibonacci levels around 6200 have held.
Moving averages crossing downwards, MACD Histogram falling and Stochastic giving sell signal.
Oversold now so may bounce to 6000 but this may well act as resistance and higher timeframe downtrend will resume thereafter.
Alternatively, HT Fib support at .38 level of Feb/March down move will hold and send price back into range of previous 8 weeks.
Strategy: E: 5873, S: 6087 (-1R), T: 5480 (+2.5R)