• FTSE 100 reversed from support zone
• Likely to rise to resistance level 7200.0 0

FTSE 100 index recently reversed up from the support zone lying between the major multi-month support level 7200.00 (former resistance which has been reversing the price from June to September of this year as can be seen from the daily FTSE 100 chart below) ,lower daily Bollinger Band and the 50% Fibonacci correction of the previous sharp upward impulse wave 3. The upward reversal from this support zone stopped the earlier minor ABC correction 4.

Given the clear multi-month uptrend, FTSE 100 index can be expected to rise further toward the next resistance level 7200.00 (which stopped the previous impulse wave 3 earlier this month).