UKX: price action signal for possible move lower

21.04.2016 / 12:37

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UKX: Daily chart: downtrend, short-term correction

Fibonacci correction at 61.8% in downward trend

The price reached а zone of serious resistance 6428-6488

Price action: Dark-Cloud Cover - Bearish Reversal - reversal formation trend- the bar has not closed yet

Going on a 4 H chart

long movement, price at resistance

price action: bearish three inside down candlestik - closing the bar below the minimum of the last bearish bar will give us a sell signal

Sentiment: weak data of the retail market in UK, no changes awaited, therefore a likely move lower

Alternative scenario:

If the price goes above 6441, this will break the negative fоrmation

Head_Of_Stock_Trading-S. Angelov

Varchev Traders

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UKX: price action signal for possible move lower

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