• FTSE 100 broke major resistance level 7240.00
• Likely to rise to resistance level 7350.00.
FTSE 100 index continues to rise after the price broke above the major resistance level 7240.00 (which has been reversing the price from the start of August, as can be seen from the daily FTSE 100 chart below)).The breakout of this resistance level accelerate the active minor impulse wave (iii) – which belongs to the sharp upward impulse sequence (3) from the middle of September.
Given the strength of the active daily and the weekly uptrends, FTSE 100 index can be expected to rise further toward the next resistance level 7350.00. Strong support now stands at the support level 7240.00.
