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O’Hare: Brexit worries set to drag down British stocks

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Steve O’Hare believes that concerns about the UK’s future in the European Union will negatively impact the FTSE, which is why he is shorting the index.

British Prime Minister David Cameron has called a June 23 referendum on whether the UK should stay a member of the European Union after landing a deal with fellow EU leaders, which grants the UK special status within the EU including safeguards for the UK’s financial sector.

Sentiment in the market soured on Monday after leading members of David Cameron’s Conservative Party over the weekend pledged to campaign for the UK leaving the EU.

According to O’Hare, the news had a negative impact on shares in British homebuilders and retailers and the charts indicate the bearish sentiment could continue. He is looking to sell at 6065 with a stop at 6125 and his targets for the trade are 5915, 5850 and 5765.