UK100/FTSE100/UKX – SELL – 27th April 2021

UK100/FTSE100/UKX – SELL – 27th April 2021 (Closed)

Good evening team,

We are seeing a risk off sentiment enter the market this evening as the DXY picks up some momentum to the upside after bouncing on the 38% FIB retracement level. We are now waiting for a breakout to the upside of the falling channel formation, as highlighted in the DXY technical analysis tab. If the DXY breaks to the upside we can expect a further risk off move in the currency market, which should filter through to global equities.

The FTSE 100 is setting up a possible bear flag and head and shoulders formation which suggests a break to the downside is on the cards.

UK100 1 Hour Charts

Trade Setup: SELL Market Execution, current price (Focus Markets) 6965, stop loss 7015 and take profit 6845-6765

Stop loss: 50 pips

Take profit: 120-200 pips

Contract size on Focus Markets:

1 contract = 10 GBP per pip

0.5 contract = 5 GBP per pip

0.25 contract = 2.5 GBP per pip

Keep in mind pricing can vary depending on the broker you trade with.

Trade Setup
SELL - Market Execution

Entry
6965

Take Profit
6845-6765

Stop Loss
7015