• FTSE 100 reversed from resistance area
• Likely to fall to support level 6800.00
FTSE 100 index recently reversed down from the resistance area lying between the key resistance level 6965.00 (which stopped the previous sharp impulse wave (A) at the start of January) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous extended corrective wave B from the end of January.
Given the overbought daily Stochastic, the strength of the resistance level 6965.00 – FTSE 100 can be expected to fall further toward the next support level 6800.00 (former strong resistance from January to March and the target price for the completion of the active minor impulse wave (i)).
