Technical analysis

FTSE 100 Wave Analysis 15 December 2023

– FTSE 100 reversed from resistance level 7700.00

– Likely to fall to support level 7500.00

FTSE 100 index under the bearish pressure after the index reversed down from the resistance level 7700.00 (which has been reversing the index from June) standing above the upper daily Bollinger Band.

The resistance level 7700.00 was strengthened by the coinciding 61.8% Fibonacci correction of the downward impulse from April.

Given strength of the resistance level 7700.00 and the overbought daily Stochastic, FTSE 100 can be expected to fall further to the next support level 7500.00.

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