• FTSE 100 rising inside impulse wave 5
• Likely to rise to resistance level 7160.00
FTSE 100 index continues to rise inside the minor upward impulse wave 5, which started earlier with the daily Piercing Line from the support area located between the key support level 6800.00 (which has been reversing the pair from the middle of April), lower daily Bollinger band and the 50% Fibonacci correction of the sharp upward impulse from the end of January.
Given the prevailing uptrend and the improvement in risk sentiment on signs of the herd Covid-19 immunity in UK- FTSE 100 index pair can be expected to rise further toward the next resistance level 7160.00 (which has been steadily reversing the index from the start of May).
