TipTVFinance

FTSE100 – Inside day candle, scoep for profit taking

TVC:UKX   FTSE 100
Yesterday was an inside day (candlestick pattern) and therefore it is a sort of gentle warning to bulls looking to initiate fresh longs.

The pattern is not a reversal pattern by itself, but given the fact that the index is rallying near record highs and stops are well below the current levels a bout of profit taking is likely. Thus, the index could retreat to 7K-6950 levels.

On a larger scheme of thing, there is little reason to fear so long as we are trading below 71K handle.
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