• FTSE 100 broke resistance level 7500.00
• Likely to rise to resistance level 7700.00
FTSE 100 index recently broke through the key resistance level 7500.00 (which stopped the previous impulse waves 5 and (3) at the start of this month) intersecting with the resistance trendline of the wide weekly up channel from last year. The breakout of the resistance level 7500.00 accelerated the active medium-term upward impulse wave (5) from the start of January.
Given the rising optimistic sentiment on the pace of recovery of the British economy – FTSE 100 index can be expected to extend the gains toward the next resistance level 7700.00 (target for the completion of the active medium-term upward impulse wave (5)).