FTSE 100 Wave Analysis – 19 July, 2022

• FTSE 100 reversed from support level 7020.00

• Likely to rise to resistance level 7357.00

FTSE 100 index recently reversed up from the key support level 7020.00 (which has been reversing the pair from the middle of June), strengthened by the lower daily Bollinger Band.

The upward reversal from the support level 7020.00 started the active short-term correction (ii).

FTSE 100 can be expected to rise further toward the next resistance level 7357.00 (top of wave ii from the end of last month, target price for the completion of the active correction (ii)).