• FTSE 100 reversed from key support level 7180.00
• Likely to rise to resistance level 7400.00
FTSE 100 index recently reversed up from the key support level 7180.00 (which stopped the index with the daily Hammer earlier this month) – strengthened by the 20-day moving average. The upward reversal from the support level 7180.00 created the daily Japanese candlesticks reversal pattern Hammer – which started the active impulse wave (iii)..
Given the clear daily uptrend and the improved sentiment as seen across the equities markets today on weakening omicron worries, FTSE 100 index can be expected to rise further toward the next resistance level 7400.00 (top of the previous short-waves (i) and i).