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FTSE: ” “shooting star” kind of reversal pattern..not switching from bullish..my target..6500″ FT’s Dominic Picarda #ftse

By on 2013/03/07 07:48 in Dominic Picarda - Investor's Chronicle & FT / no comments

 

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Dominic Picarda is a Chartered Market Technician and an award winning financial journalist. To gain full access to Dominic’s  analysis & charts for:

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DOMINIC PICARDA

The Trader’s European Outlook: Impressive Upside

www.investorschronicle.co.uk // www.ft.com 

Twitter: @dominicpicarda

The DAX and FTSE rallied in line with my call yesterday, while GBPUSD and EURUSD did what I expected and fell further. I see these moves extending more in the near-term. The bears will doubtless seize upon the supposed reversal patterns on the daily charts of the European indices yesterday. However, I believe this would be an exercise in straw clutching. Technically, the UK and German markets are well placed to rally onwards. It would take a nasty and unforeseen news-event to knock them off course right now.

I seek to buy FTSE and the DAX on small intraday dips, while I am looking to short EURUSD and GBPUSD on rallies.

Europe_070313

 
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*Award winning financial journalist Dominic Picarda, is a Chartered Market Technician and has co-ordinated the IC's charting coverage for four years. He writes regular market forecasts for the Trader page of the weekend FT and is a frequent speaker at seminars and other trading events. Correspondence is welcomed at dominic.picarda@ft.com*Financial Journalism Article of the year 2013