• FTSE 100 reversed from resistance area
• Likely to fall to support level 6850.00
FTSE 100 index recently reversed down from the major resistance area lying between major key resistance level 7035.00 (top of the previous wave B from the middle of Aprils) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous minor impulse wave (a) from the middle of April.
Given the strength of the aforementioned resistance level 7035.00 and the deterioration risk sentiment seen across the equity markets today – FTSE 100 index can be expected to fall further toward the next support level 6850.00 (low of the previous waves (iv) and (i) from the middle of last month).
