FTSE 100 Technical Analysis Report 11 November, 2020

  • FTSE 100 broke resistance level 6295.00
  • Likely to rise to 6500.00

FTSE 100 continues to rise steadily after the index broke sharply above the resistance level 6295.00 (which was set as the buy target in our earlier report for this index). The breakout of the resistance level 6295.00 follows the earlier breakout of the 3 consecutive resistance levels – 6000.00, 6140.00 (monthly high from September), and 6180.00 (high of wave (iv) from August). Each of these resistance breakouts added to the bullish pressure on FTSE 100.

With the strengthening of the sterling sentiment on Brexit negotiation hopes – FTSE 100 is expected to rise further toward the next resistance level 6500.00 (former multi-month high which formed the daily Evening Star in from June). Strong support now stands at the support level 6295.00.

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