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.
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.
