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FTSE100 – Inverse head and shoulder breakout confirmed

FX:UK100   FTSE 100 index of UK listed shares
As pointed out on Tuesday, a positive closing did result in the index rising to inverse head and shoulder neckline.

The index confirmed a bullish break – inverse head and shoulder breakout –yesterday and the breakout is pretty much a done deal on the weekly time frame as well.

This opens up doors for 7300 (breakout target), which as of now looks like a farfetched idea. However, the odds of a BOE rate cut have gone through the roof following Carney’s dovish talk.

The inverse head and shoulder target could be met if the BOE comes out with its QE program. However, all this appears a farfetched idea as of now.

In the short-run bullish invalidation is seen only if prices see a day end closing below 6400 (neckline support).
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