• FTSE 100 reversed from support zone
• Likely to rise to resistance level 7200.00
FTSE 100 index recently revered up from the support zone lying between the round support level 7000.00 (which has been reversing the price from end of May), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward price impulse from last March. The upward reversal from this support zone stopped the previous short-term corrective wave (ii), which belongs to the higher order upward impulse wave (C) from the start of this year.
Given the clear uptrend – FTSE 100 index can be expected to rise further toward the next resistance level 7200.00 (top of the previous minor impulse wave (i) from the middle of June).