LSEG looking leggy - SELL
REASONS TO BE BEARISH
- Recently lost the 100 week SMA and just re-tested it for resistance
- Fell out of the exponential green top zone in March 2021
- As far as the RSI is concerned, broke into the bear zone (below 40) and confirmed it for resistance failing to reclaim 60s
- Target of 2,700p would coincide with the 0.618 fib retrace of the entire move from March 2009
- This would take us back to Jan 2017 levels
- Only saviour for the bulls would be to reclaim the 100 week SMA, given we are still in the upper-half of the exponential channel
- That said, with only air below, I don't see the mid-point of the channel (at 6,400p) holding in the months ahead...
- Not a terrible risk/reward entry for a short from these highs....