UK100 - Intraday - We look to Sell at 5944 (stop at 5979)
Prices spiked higher and stalled at resistance in early trade.
Further selling pressure led to a reversal in price action.
We are trading at overbought extremes.
This is negative for sentiment and the downtrend has potential to return.
We have a 61.8% Fibonacci pullback level of 5944 from 6042 to 5785.
Further downside is expected although we prefer to sell into rallies close to the 5944 level.
Our profit targets will be 5845 and 5770
Resistance: 6106 / 6325 / 6515
Support: 5770 / 5650 / 5445
Prices spiked higher and stalled at resistance in early trade.
Further selling pressure led to a reversal in price action.
We are trading at overbought extremes.
This is negative for sentiment and the downtrend has potential to return.
We have a 61.8% Fibonacci pullback level of 5944 from 6042 to 5785.
Further downside is expected although we prefer to sell into rallies close to the 5944 level.
Our profit targets will be 5845 and 5770
Resistance: 6106 / 6325 / 6515
Support: 5770 / 5650 / 5445
Trade closed: target reached:
Intraday close at 5866.
