Index appears on track to test 6754, which marks the confluence of head and shoulder neckline and 50-DMA.
A day end close below 10-DMA today would further add credence to the anticipated slide to 6754 levels. Daily RSI has just turned bearish as well.
H&S breakdown would open doors for a slide to 6650 levels, however, bears should note that 5-week and 10-week moving averages have still not topped out. This increases the likelihood of a false breakout and another week of sideways trading.
A day end close below 10-DMA today would further add credence to the anticipated slide to 6754 levels. Daily RSI has just turned bearish as well.
H&S breakdown would open doors for a slide to 6650 levels, however, bears should note that 5-week and 10-week moving averages have still not topped out. This increases the likelihood of a false breakout and another week of sideways trading.
