$UKX Daily Head & Shoulders

Daily head and shoulders forming - expecting a rally to 6950 to form the right shoulder.

Short 6950 Stop (Over Head) 7135 Target 6200

TECHNICAL:
- Head and Shoulders (LS and Head formed)
- Rising Neckline
- Expecting a rally to 6950 in line with (LS)
- A rally to 6950 would also coincide with a 61.80% retracement of the Nov 4th low.
- Anticipate the 20MA moving under the 50MA

FUNDAMENTAL:
- Brexit x2, Brexit x5, Brexit x10, Brexit x50, Brexit x100, Brexit +++ - D. Trump
- Looking out for future data releases on the Economic Calendar to signal general weakness
- UK GDP, Retail Sales and Manufacturing are of particular interest

I am anticipating a long term sell-off in $UKX based on the above information.

Near term target 6700 (Neckline) However it is quite possible BOE could step in and loosen Monetary Policy further (cut rates/ quant. e) which would give UK stocks another boost. So it will be important to gauge the economic and fiscal picture.

Trade active:

Filled at 6951 again paying close attention to economic data and BOE

Trade closed: target reached:

Closed trade at 6719.9

I traded 0.01 Volume - in future I will trade at least double size so that I can take a partial and leave the rest to run over the weekend.

Learn and Earn!