FTSE: ” “shooting star” kind of reversal pattern..not switching from bullish..my target..6500″ FT’s Dominic Picarda #ftse
Dominic Picarda is a Chartered Market Technician and an award winning financial journalist. To gain full access to Dominic’s analysis & charts for:
DAX, FTSE, EUR/GBP, GBP/USD, EUR/USD // GOLD, SILVER, COPPER, BRENT // S&P, DOW, NASDAQ
Click on the Investors Chronicle logo above
The Trader’s European Outlook: Impressive Upside
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.