FTSE 100 index Technical Analysis Report 20 February, 2024

Dmitry Chernovolov Market Analyst

The FTSE 100 index is likely to fall to support level 7600.00 after reversing from resistance level 7750.00.

– FTSE 100 index reversed from resistance level 7750.00

– Likely to fall to support level 7600.00

FTSE 100 index recently reversed down from the powerful resistance level 7750.00 (which has been reversing the price from the middle of September), intersecting with the upper daily Bollinger Band. The downward reversal from the of the resistance level 7750.00 stopped the short-term impulse wave C of the intermediate ABC correction (2) from the middle of January. The price is currently forming the daily Japanese candlesticks reversal pattern Evening Star Doji.

Given the strength of the nearby resistance level 7750.00 and the worsening sentiment as seen across the British equity markets today, FTSE 100 index can be expected to fall further toward the next round support level 7600.00.

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