Turmoils in the UK
The British benchmark index is in a rapid decline.
However, the market tends to simply "slip through" only in exceptional conditions, which I do not currently see in the overall market. There is a chance that there will be a short-term reversal at the March 2023 lows.
We place the SL a bit below the low so that we get a reasonable CRV of 3:1.
In the longer term, it is likely that the FTSE will head for the area around 6,850. There is a lot of liquidity down there and it wants to be cleared.
Therefore, there is also a short setup in the chart.
However, the market tends to simply "slip through" only in exceptional conditions, which I do not currently see in the overall market. There is a chance that there will be a short-term reversal at the March 2023 lows.
We place the SL a bit below the low so that we get a reasonable CRV of 3:1.
In the longer term, it is likely that the FTSE will head for the area around 6,850. There is a lot of liquidity down there and it wants to be cleared.
Therefore, there is also a short setup in the chart.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.