Technical analysis

FTSE 100 index Wave Analysis – 15 March 2023

• FTSE 100 index reversed from support level 7335,00

• Likely to rise to resistance level 7500.00

FTSE 100 index today reversed up from the powerful support level 7335,00 (which has been reversing the price from the middle of November) – standing well below the lower daily Bollinger Band.

The upward reversal from the support level 7335,00 stopped the previous sharp downward impulse wave (i) of wave C from the start of this month.

FTSE 100 index can be expected to rise further toward the next resistance level 7500.00 (former minor support which reversed the index earlier this month).

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