FTSE - Forming a right shoulder?

Trade Idea

Trading has been mixed and volatile.
The sequence for trading is lower lows and highs.
We have a 50% Fibonacci pullback level of 7374 from 7729 to 7020.
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 7375, resulting in improved risk/reward.
Expect trading to remain mixed and volatile.

We look to Sell at 7375
Stop: 7425
Target 1: 7235
Target 2: 7170