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FTSE 100 daily outlook - head and shoulder on hourly

FX:UK100   The FTSE 100 Index
Despite the rebound from the low of 6472 the index is still sufficiently far from the recent high of 6628 levels and hence the bearish price RSI divergence remains active. Hence, upticks are treated with caution. The index currently trades around 6561 levels.

Failure to take out 6585 followed by a drop below 6565 (head and shoulder neckline) would open doors for a intraday break below 6400 (inverse head and shoulder neckline).

On the higher side, only a daily close above 6628 would signal continuation of the post Brexit rally,
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