UKX:
Date: June 22, 2016
D1 Graph: Short Trend in wide consolidation
After the previous move lower from 6300 to 5900, the price action made a break below the very important horizontal support at 6065 and lower low. Now the price has come back up again just below the upper diagonal resistance of the Big bearish channel and also is forming a third lower high within a smaller bearish channel with the lower low.
Alternative scenario: If the price moves higher above the both diagonal resistance lines will cancel the bearish view.
Technical Indicator:
DEM (14) - In the middle of the range -
Price for Entry short around: 6265
SL: 6325
Important Note: Due to the Brexit be extremely careful with the new margin requirements for trading and remember that there most likely to be very high volatility and therefore the technical analysis might be ignored by the market participants.
Jr. Trader - S. Fuchedzhiev
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