FTSE: Strange that yesterday’s fairly dramatic shooting star candle was unable to maintain bearish momentum..Chart & Levels from Analyst, Nicole Elliott – Investors Chronicle.

 

FTSE SHORT TERM TRADER: Small short at 7055; stop above 7100; target 6700.

FTSE POSITION TAKER: Short at 6850 and at higher levels; stop above 7100. Target the 6675/6700 area.

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US tech stocks stumble
NYSE FANG index’s worst week

Tech darlings, many of which have driven US indices higher over the last year, suddenly got cold feet. Facebook first, now Tesla too – hitting the lowest price in almost a year – on a downgrade from Moody’s, Alphabet and Amazon off by 4 per cent, Netflix 6, Twitter a massive 12 per cent lower on expectations of further regulation on its social media platform.

After leaving Beijing with his wife, it was announced that North Korean leader Kim Jong Un had spent three days in China on an unofficial visit. It is believed to be his first trip abroad since taking over from his father 7 years ago. Chinese state news agency Xinhua says he pledged to de-nuclearise the Korean peninsula while Xi Jinping said he would uphold the friendship
between their two countries. Others say it was a dry run ahead of the summit with President Trump.

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Nicole Elliott is a long-standing Member of the Society of Technical Analysts and has taken over the IC’s trading coverage. She is regularly interviewed and quoted by the financial media, is a conference speaker, and author of several books on charting.

 

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High profile, trusted, veteran Technical Analyst with over 25 years’ banking experience. Key expertise in all areas of Treasury, especially foreign exchange, derivatives, fixed income and commodities. Acknowledged for personal contribution to new developments in the industry. Well regarded by the media for provision of accurate forecasts, succinct copy and entertaining sound bites. Thrives in dealing room environments – excellent interpersonal skills and a strong communicator with extensive business contacts. Looking for suitable and interesting opportunities.