FTSE 100 Technical Analysis Report 16 April, 2024
FTSE 100 index can be expected to fall further toward the next support level 7760.00, former strong resistance from last year, acting as the support after it was broken this January.
– FTSE 100 reversed from powerful resistance zone
– Likely to fall to support level 7760.00
FTSE 100 index recently reversed down from the powerful resistance zone located between the long-term resistance level 8050.00 (former yearly high from last year) and the upper weekly Bollinger Band. The index formed the weekly Japanese candlesticks reversal pattern Shooting Star Doji last week, when the price failed to break above the key resistance level 8050.00. The downward reversal from the resistance level 8050.00 stopped the active weekly impulse waves 3 and (3).
Given the strength of the resistance level 8050.00 and the still overbought reading on the weekly Stochastic indicator, FTSE 100 index can be expected to fall further toward the next support level 7760.00, former strong resistance from last year, acting as the support after it was broken this January.
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