FTSE100 could gap below H&S support

TVC:UKX   FTSE 100 Index
Sharp losses in the US equities on Friday followed by losses in Asian stocks amid rising long duration government bond yields across the globe could see the FTSE100 index open below the head and shoulder neckline level of 6750 levels, which is also the 100-DMA figure.

Break below neckline support of 6750 would open doors for a 100 point drop to 6650 levels. The daily MACD and RSI remain in support of fresh losses in the index.

On the higher side, only a breach of Friday’s high of 6862 would signal bearish invalidation.
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