This looks a good buy with a close above 1805, then 123 low - higher high - higher low - with the potential for a 3 wave corrective move. Trading within a falling wedge on the down turn has created MACD divergence to price also indicating weakening of bearish sentiment.
Admiral is looking pretty sick while the overall market hits new all time highs. The shares have failed at trend resistance and also the neckline resistance of the top pattern. The shares are making new lows on a relative basis and look set to continue lower in the near term. The shares will be particularly vulnerable should the FTSE100 undergo a correction....
I only take positions on the daily/weekly chart when trading companies as they are not open 24hr and I find my win rate is higher historically
Reasons for to go short
- moving averages or bearish
- old support is now resistance
- descending channel
- RSI is bearish
- candle on the 4th Jan 2016 broke below candle (indecision) on the 3rd Jan 2016