The FTSE has bounced over night but this does nothing to change what we are seeing:
- The FTSE is making lower closes in a falling trend. This is negative and signals an even stronger fall.
- We had a negative outside day yesterday which means we made a new high and a new low when compared to the previous day and closed lower. We also closed on the low of the day at 5861.
- We have closed under 5880 and below a short term falling channel. Sell signal
- We have expiry in 2 days.
As a trader I look at the evidence and weigh up the probabilities. At present the odds are stacked in favour of further selling towards my target at 5888.
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