FTSE Looks in dangerous teritory but what's the catalyst?
Anyone following me will know how much I love to trade the FTSE 100 and just like all experienced trades I have a directional bias. My bias is long, I find trades to the upside much easier to spot and manage. Knowing this about myself helps give me an edge. It doesn't mean I am unable to spot a shorting opportunity however and the FTSE is looking more and more like a chart that is ready to sell. I see the 7630 area as integral to the FTSE's upside potential. I am happy that I took my profit last week and can now wait for the 7630 area to be taken or see if 7577 will give out and leave the Bears in control.
If the Price Action does fail and the Bears step in, I will be looking for that move lower to create new buying opportunities. The big question is always about drivers. What will be the catalyst for a FTSE 100 sell of. More trade wars? North Korea? Russia? Turkey contagion or maybe even Greece with it's hangover from the Financial crisis again falling into problems. Today I wait, but beware down below. It certainly looks like technically, a storm is coming.
If the Price Action does fail and the Bears step in, I will be looking for that move lower to create new buying opportunities. The big question is always about drivers. What will be the catalyst for a FTSE 100 sell of. More trade wars? North Korea? Russia? Turkey contagion or maybe even Greece with it's hangover from the Financial crisis again falling into problems. Today I wait, but beware down below. It certainly looks like technically, a storm is coming.
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