FTSE Wave Analysis – 27 January, 2022

• FTSE reversed from support level 7400.00

• Likely to rise to resistance level 7635.00

FTSE index continues to rise after the index reversed up from the key support level 7400.00 (former top of waves 1 and (i) from November and December).

The support zone near the support level 7400.00 was strengthened by the lower daily Bollinger Band and by the 38.2% Fibonacci correction of the upward impulse from November.

Given the clear daily uptrend – FTSE can be expected to rise further toward the next resistance level 7635.00 (top of the previous impulse from the middle of this month).