• FTSE 100 broke daily down channel
• Likely to rise to resistance level 6900.00
FTSE 100 Index continues to rise strongly – after the price broke through the resistance trendline of the daily down channel from the start of January. The breakout of this down channel continues the active short-term impulse wave c – which belongs to wave (b) from the end of January. Wave (b) started when the index reversed up from the strong support level 6400.00 – intersecting with the lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from October.
Given the clear daily uptrend and renewed hopes for UK economy on fresh reports the infections are falling sharply – FTSE 100 Index can be expected to rise further toward the next resistance level 6900.00 (target price for the completion of the active wave (b)).
