UK’s mining heavy index FTSE100 is trading above the head and shoulder neckline level of 6793.
For further gains it is essential that the index sees a day end close above 6793.
Assuming the day end close is bullish, the doors would be opened for a rise to 6900-6910 levels. The daily RSI is breaching the falling trend line adds credence to the bullish view.
On the lower side, two consecutive daily close below H&S neckline would open doors for a much deeper retracement to 6600 levels.
For further gains it is essential that the index sees a day end close above 6793.
Assuming the day end close is bullish, the doors would be opened for a rise to 6900-6910 levels. The daily RSI is breaching the falling trend line adds credence to the bullish view.
On the lower side, two consecutive daily close below H&S neckline would open doors for a much deeper retracement to 6600 levels.
