Daily chart shows the index is on its way lower towards neckline of a smaller head and shoulder formation inside a larger inverse head and shoulder pattern.
The neckline support stands around 6040 levels. A day end closing below the same would open doors for a drop to 5700-5650 . A rebound from there would confirm inverse head and shoulder pattern with neckline around 6380-6400.
The action is likely to unfold as discussed above as markets could get nervous as we move closer to referendum and later on a victor for 'in" vote could end up sending index higher to inverse head and shoulder pattern.
The neckline support stands around 6040 levels. A day end closing below the same would open doors for a drop to 5700-5650 . A rebound from there would confirm inverse head and shoulder pattern with neckline around 6380-6400.
The action is likely to unfold as discussed above as markets could get nervous as we move closer to referendum and later on a victor for 'in" vote could end up sending index higher to inverse head and shoulder pattern.
