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TipTVFinance
Mar 30, 2017 10:42 AM

FTSE 100 - Potential Head & Shoulder, Eyes 7260 

UK 100 INDEXTVC

Description

Treasury yields hovering near one-month lows indicates the recovery in the FTSE100 and other risk assets is likely to be a dead cat bounce.
The daily RSI on the FTSE 100 chart shows a bearish breakdown from the channel formation.
Furthermore, we see a potential head and shoulder with neckline around 7260 levels.
A weak close today would establish a falling tops formation.
Overall, the index appears on track to take out the rising trend line support in favor of the neckline support seen around 7260 levels.
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