• UK100 under bullish pressure
• Likely to rise to 5900.00

UK100 continues to rise steadily inside the short-term corrective wave (ii) which started earlier from the strong support area lying at the intersection of the support level 5600.00 (former strong support from April), lower daily Bollinger Band and the support trendline of the daily down channel from June – inside which the price has been falling from June.

Given the strength of the aforementioned support area – FTSE 100 index is expected to rise further toward the next resistance level 5900.00 (former resistance from the end of October, target price for the completion of the active corrective wave (ii) and the price of the resistance trendline of the down channel from June).