FTSE 100 index can be expected to rise further toward the next resistance level 8360.00, top of the previous minor correction B from the start of June.
– FTSE 100 reversed from pivotal support level 8150.00
– Likely to rise to resistance level 8360.00
FTSE 100 index recently reversed up from the pivotal support level 8150.00 (which has been reversing the price from the end of April, as can be seen from the daily FTSE 100 index chart below) intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse from the middle of April. The upward reversal from the support level 8150.00 started the active impulse wave (5) – which then broke the daily Triangle from April.
Given the clear daily uptrend and the improvement of the risk sentiment that can be seen across the equity markets today, FTSE 100 index can be expected to rise further toward the next resistance level 8360.00, top of the previous minor correction B from the start of June.
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