FTSE 100 index Wave Analysis 11 January 2024

– FTSE 100 index reversed from resistance level 7700.00

– Likely to fall to support level 7550.00

FTSE 100 index recently reversed down from the multi-month resistance level 7700.00 (which has been reversing the pair from the end of July).

The resistance level 7700.00 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the downward impulse from April.

FTSE 100 index can be expected to fall further to the next support level 7550.00 (former resistance from November).