FTSE 100 - Rejected at Head and Shoulders neckline resistance
The daily chart shows - the index breached a smaller head and shoulders pattern on April 18. The neckline was retaken last week, but the index failed to sustain above the same. The neckline has acted as a strong resistance today as well.
A daily close below 7197 would open doors for revisit to 7100 levels (neckline of a bigger head and shoulders neckline).
On the higher side, only a daily close above the 50-DMA would revive bullish view.
A daily close below 7197 would open doors for revisit to 7100 levels (neckline of a bigger head and shoulders neckline).
On the higher side, only a daily close above the 50-DMA would revive bullish view.
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