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FTSE100 - Bulls would cheer positive closing today

FX:UK100   FTSE 100 index of UK listed shares
Daily chart patterns

  • Inverse head and shoulder
  • Bullish crossover between daily 100-SMA and 200-SMA likely

The rising trend line has remained intact despite 'exit' vote victory at last friday's referendum. This is good for the bulls and today's bullish closing would only add credence to the fact that a rising trend line has remained intact despite Brexit vote victory.

Furthermore, we are also likely to see a bullish crossover between daily 100-MA and 200-MA and this comes a month or so after the golden crossover. This is another factor that is likely to keep the bulls happy, Overall, the index appears on track to test the inverse head and shoulder neckline resistance seen around 6410 levels.

Unless the rising trend line is breached on the day end closing basis, there is little reason for the bulls to feel nervous.
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