• FTSE 100 broke key resistance level 7280.00
• Likely to rise to resistance level 7350.00.
FTSE 100 index continues to rise after the price broke above the key resistance level 7280.00 – which stopped the previous minor impulse wave (i) at the end of October. The breakout of this resistance level accelerated the active short-term impulse waves (iii) 0 which started earlier when the price reversed up with the daily Hammer from the support zone lying between the key support level 7200.00 and the 29-day moving average and the 38.2% Fibonacci correction of the upward impulse from October.
Given the clear daily uptrend, FTSE 100 index can be expected to rise further toward the next resistance level 7350.00. Strong support now stands at the aforementioned price level 7280.00.