FTSE Wave Analysis – 9 October, 2019

• FTSE reversed from multi-month support level 7050.00
• Likely to rise to 7220.00

FTSE recently reversed up with the sharp daily Hammer from the support area lying between the strong, multi-month support level 7050.00 (which has been reversing the price from February) and the lower daily Bollinger Band.

This support area was further strengthened by the 61.8% Fibonacci correction of the pervious extended upward impulse wave from last December.

FTSE is expected to rise further and retest the next resistance level 7220.00 (former strong support from September).