FTSE100 – Double top breakdown on cards, but caution advised

TVC:UKX   FTSE 100 Index
The index could see a gap down opening around or below 7000, which is the double top neckline, however caution is advised since 5-DMA and 10-DMA are yet to confirm a bearish crossover and more importantly 10-DMA is still sloping onwards.

Hence, we could see a minor correction… although it is to be noted that bearish invalidation is seen only above record highs.

Watch for- Rejection at 4-hr 5-MA followed by a break below 7K levels as that would signal a more pronounced sell-off to sub 6900 levels.
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