Momentum:
MACD: Negative
RSI: Positive, positive divergence formed to price action
Stochastic: Sell signal formed, moving to over sold territory
Daily Price Action Trend: Positive
Last relevant low: 5,666.1
Last relevant high: 5,945.9
Comment:
The negative sentiment in the US dominated the UK session on Monday and we have a lot of technical changes. First our daily trend has turned negative, this is coupled with a sell candlestick pattern and a sell signal forming on the MACD. The RSI is holding at possible support as the stochastic moves into oversold territory. This does not look good for the market, but with the US market recovering in the last hour of trading, for those looking at shorting allowing the market to rallying before opening at short position probably makes more sense. Generally we are against opening short positions with the stochastic this close to oversold territory, but aggressive traders may ignore this.
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