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FTSE100 - Head & Shoulder neckline stands exposed

FX:UK100   FTSE 100 index of UK listed shares
  • Risk-off tone was super strong in Asia and is likely to remain intact in Europe as well. Moreover, there is too much risk in the form of Fed meeting and Brexit referendum over next 15 days, hence risk assets are being off loaded at a faster pace.
  • FTSE 100 index is likely to suffer the most, given the index remained remarkably resilient till last Thursday.
  • The index is eyeing head and shoulder neckline support, breach of which shall open doors for a larger falling trend line support. A rebound from the trend line support would signal inverse head and shoulder formation.
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