Broken out of the channel formation to the downside. A mild correction has been posted from yesterday’s low, this is seen as a retest of the breakout level. The bearish engulfing candle on the 4 hour chart is negative for sentiment. Negative overnight flows lead to an expectation of a weaker open this morning. Further downside is expected although we prefer to set shorts at our bespoke resistance levels at 7500, resulting in improved risk/reward.
Stop: 7570 Target 1: 7160 Target 2: 7000
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Trade triggered.
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Moving the stop to 7615 - Just above the high of the session.