FTSE100: Go long above neckline of inverse Head and Shoulder
Pattern Formed- Inverse Head and Shoulder
Major resistance – 6410 (Trend line joining 6487 and 6433)
FTSE100 has broken minor resistance at 6323 (Jun 7th high) and is currently trading around 6330.
Market awaits EU referendum results which will be released on tomorrow (approxmatiely 4:00 GMT) for further direction.
The latest opinion polls shows in favour of Bremain (YouGovTimes online poll: 51% in favour of remaining in the EU against 49% in favour of Brexit, FT Poll 47% Remain vs. 45% Exit).
Bremain Scenario:
The FTSE index could break neck line at 6410, a jump till 6825/7125.
It is good to go long above 6410 with SL around 6200 for the TP of 6820/7125.
Brexit Scenario:
It is good to sell below 6175 (21 day MA) with SL around 6410 for the TP of 5600/5495
Major resistance – 6410 (Trend line joining 6487 and 6433)
FTSE100 has broken minor resistance at 6323 (Jun 7th high) and is currently trading around 6330.
Market awaits EU referendum results which will be released on tomorrow (approxmatiely 4:00 GMT) for further direction.
The latest opinion polls shows in favour of Bremain (YouGovTimes online poll: 51% in favour of remaining in the EU against 49% in favour of Brexit, FT Poll 47% Remain vs. 45% Exit).
Bremain Scenario:
The FTSE index could break neck line at 6410, a jump till 6825/7125.
It is good to go long above 6410 with SL around 6200 for the TP of 6820/7125.
Brexit Scenario:
It is good to sell below 6175 (21 day MA) with SL around 6410 for the TP of 5600/5495