FTSE Wave Analysis – 5 July, 20211

• FTSE reversed from support level 7000.00

• Likely to rise to resistance level 7200.00

FTSE index continues to rise after the earlier upward reversal from the round support level 7000.00 (which has been reversing the price from the end of May).

The support zone near the support level 7000.00 was strengthened by the lower daily Bollinger Band, 50% Fibonacci correction of the upward impulse from May and by the support trendline of the daily up channel from January.

FTSE index can be expected to rise further toward the next resistance level 7200.00 (previous monthly high from June).