- 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
