Kumowizard
Short

From inverse H&S to a double top?

TVC:UKX   FTSE 100 Index
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Weekly:
- After completing a one year long inverse Head and Shoulders pattern, FTSE100 delieverd a bullish Kumo breakout and marched almost straight to 2015 highs. Strange times... strange market behaviours.
- Ichimoku setup is bullish , but Price is far above Kijun Sen and the longer term equilibrium level of appr. 6400.
- Hekin-Ashi started to signal some indecision.
- Negative divergences in haDelta, DM_Oscillator and EWO
- MACD chance to cross down.
- Possible double top at 2015 highs.

Daily:
- Ichimoku is bullish until price holds above Kijun Sen, but bullish trendline is being tested.
- Possible bearish wedge pattern?
- Heikin-Ashi swignal is swing bearish
- MACD cross down + longer term negative divergence

Support zone is 6815-6890. Below that space could open to target 6300-6400 area.


Do you think a weak GBP alone is enough to keep UK stocks afloat? I think Brexit effects on real economy just started to show up.
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