FTSE 100 Technical Analysis Report 03 December, 2020

  • FTSE 100 reversed from key support level 6290.00
  • Likely to test resistance level 6525.00

FTSE 100 index recently reversed up with the daily Japanese candlesticks reversal pattern Bullish Engulfing from the support areal located between the key support level 6290.00 (former Double Top from July and the low of the previous minor correction B from the start for November) and the 38.2% Fibonacci correction of the previous sharp upward impulse from last month.  The price is currently trading close to the major resistance level 6525.00 (former multi-month high from June).

Given the clear daily uptrend and the rising hopes the Brexit deal can still be reached till the end of this year  – FTSE 100 can be expected to rise toward the next resistance level 6525.00. The strong support remains at the support level 6290.00.


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