FTSE 100 Wave Analysis – 1 March 2023

• FTSE 100 reversed from key support level 7850.00

• Likely to rise to resistance level 8000.00

FTSE 100 index recently reversed up from the key support level 7850.00 (former resistance from January, which has been supporting the price from the start of last month, after was broken).

The support level 7850.00 was further strengthened by the nearby support trendline of the daily up channel from October and by the 38.2% Fibonacci correction of the upward impulse from January.

FTSE 100 index can be expected to rise further toward the next round resistance level 8000.00 (which reversed the price earlier this month).