Technical analysis

FTSE 100 Wave Analysis – 29 July, 2021

• FTSE 100 broke resistance zone

• Likely to rise to resistance level 7170.00

FTSE 100 recently broke the resistance zone lying at the intersection of the round resistance level 7000.00 (former key support from May, June and July) and the resistance trendline of the daily down channel from the middle of June.

The breakout of this resistance zone accelerated the active short-term impulse wave 5.

FTSE 100 index can be expected to rise further toward the next resistance 7170.00 (previous top of wave 3 and (b)).

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