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FTSE100 – Bearish flag on hourly chart

TVC:UKX   FTSE 100
Pattern – Bearish flag on hourly chart following head and shoulder breakdown on daily chart on Monday
Level to watch out – Selling could gather pace below 6654

Overall, as noted in the morning note, the index appears on track to test 6600 levels. Losses could be extended further as the daily RSI is still well above the oversold territory.

Short-term bearish invalidation is see only if prices see a bullish break from flag formation. Such a move could result in a sideways action.
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