FTSE 100: ⬆️ Buy
- FTSE 100 reversed from support level 8700.00
- Likely to rise to resistance level 8900.00
FTSE 100 index recently reversed up from the support level 8700.00 (which stopped wave 4 at the end of May, as can be seen from the daily FTSE 100 chart below) intersecting with the lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from May.
The upward reversal from the support level 8700.00 stopped wave A of the active ABC correction (4) from the start of June.
Given the clear daily uptrend, FTSE 100 index can be expected to rise to the next resistance level 8900.00, which stopped the previous impulse wave (3).
