FTSE 100 Wave Analysis – 22 November, 2021

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• FTSE 100 reversed from support area

• Likely to rise to resistance level 7400.00                                                                 

FTSE 100 index recently reversed up from the support zone lying at the intersection of the key support level 7200.00 (former strong resistance level which has been reversing the index from the middle of June), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward price impulse 3 from the start of October.

The upward reversal from this support area stopped the earlier short-term corrective wave 4.

Given the clear daily uptrend, FTSE 100 index can be expected to rise further toward the next resistance level 7400.00 (top of the impulse wave 3 from the start of this month).

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