FTSE 100 index Analysis 12 August 2024

– FTSE 100 index reversed from support zone

– Likely to rise to resistance level 8300.00

FTSE 100 index recently reversed up from the support area located between the pivotal support level 8050.00 (former monthly low from July), lower daily Bollinger Band and the support trendline of the daily down channel from May.

This support area was further strengthened by the 61.8% Fibonacci correction of the previous sharp upward impulse from the middle of April.

Given the clear daily uptrend, FTSE 100 index can be expected to rise further toward the next resistance level 8300.00.