FTSE 100 - Head & Shoulder inside inverse H&S
Daily chart shows the index is on its way lower towards neckline of a smaller head and shoulder formation inside a larger inverse head and shoulder pattern.
The neckline support stands around 6040 levels. A day end closing below the same would open doors for a drop to 5700-5650 . A rebound from there would confirm inverse head and shoulder pattern with neckline around 6380-6400.
The action is likely to unfold as discussed above as markets could get nervous as we move closer to referendum and later on a victor for 'in" vote could end up sending index higher to inverse head and shoulder pattern.
The neckline support stands around 6040 levels. A day end closing below the same would open doors for a drop to 5700-5650 . A rebound from there would confirm inverse head and shoulder pattern with neckline around 6380-6400.
The action is likely to unfold as discussed above as markets could get nervous as we move closer to referendum and later on a victor for 'in" vote could end up sending index higher to inverse head and shoulder pattern.
Related publications
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.