• FTSE100 reversed from the support zone
• Likely to rise to round resistance level 1.7065
FTSE100 index continues to fall after the index reversed down from the resistance zone lying between the major resistance level 7400.00 (which stopped the previous sharp upward impulse wave 1 at the start of November) and the upper daily Bollinger Band. The downward reversal from this resistance zone started the active minor correction (b) – which belongs to the impulse wave 3 from the end of November.
Given strength of the aforementioned resistance zone and the bearish sentiment across the UK equities markets on the spread on the new omicron variant , FTSE100 index can be expected to fall further toward the next support level 7200.00.