BAE Systems Wave Analysis – 5 November, 2021

• BAE Systems reversed from support area

• Likely to rise to resistance level 6.00                                                                      

BAE Systems continues to rise steadily after the price reversed up from the support area set between the key support level 5.465 (monthly low from September), lower daily Bollinger band and the 38.2% Fibonacci correction of the upward impulse from March.

The upward reversal from the support level 5.465 started the active intermediate impulse wave (5).

Given the clear daily uptrend, BAE Systems can be expected to rise further toward the next round resistance level 6.00 (top of the previous impulse wave (3))