European stocks lower

FTSE 100 Technical Analysis Report 16 December, 2020

  • FTSE 100 reversed from support level 6500.00
  • Likely to rise to 6630.00

FTSE 100 index previously reversed up from the pivotal support level 6500.00 (former multi-month high from June which also stopped the previous upward impulse 1 at the end of November, as can be seen below). The upward reversal from the support level 6500.00 started the active minor impulse wave 5 – which belongs to the  multi-month upward impulse (3) from October.

Given the prevailing uptrend that can be seen on the daily FTSE 100 charts and the growing hopes Brexit deal is soon to be finalised between UK and European Union – FTSE 100  is likely to rise further toward the next resistance level 6630.00 (top of the previous impulse wave 3) – followed by the resistance level 6875.00.

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