October 09, 2019 at 02:51PM
- FTSE reversed from multi-month support level 7050.00
- Likely to rise to 7220.00
FTSE recently reversed up with the sharp daily Hammer from the support area lying between the strong, multi-month support level 7050.00 (which has been reversing the price from February) and the lower daily Bollinger Band.
This support area was further strengthened by the 61.8% Fibonacci correction of the pervious extended upward impulse wave from last December.
FTSE is expected to rise further and retest the next resistance level 7220.00 (former strong support from September).
From: The FxPro Tech Analysis Team https://fxpro.news/market-snapshots/ftse-wave-analysis-9-october-2019-20191009/
Selected by fonecable.com
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