• FTSE100 index reversed from resistance zone
• Likely to fall to support level 7000.00
FTSE100 index recently reversed down from the resistance zone lying between the resistance level 7115.00 (which has been steadily reversing the price from the start of May) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous sharp upward impulse wave (iii).
Given the strength of the aforementioned resistance zone and the worsening risk sentiment seen across the equity markets today – FTSE100 index can be expected to fall further toward the next round support level 7000.00 (which has reversed the index multiple times in the second half of May).