FxPro News, Financial Market Analytics

FTSE Wave Analysis – 9 October, 2019

The FxPro Tech Analysis Team
FTSE Wave Analysis – 9 October, 2019

A London Stock Exchange sign sits on glass in the atrium of the London Stock Exchange Group Plc's offices in Paternoster Square in London, U.K., on Monday, July 25, 2016. Deutsche Boerse AG has yet to secure shareholder acceptance for its 10.6 billion-pound ($13.9 billion) takeover of London Stock Exchange Group Plc, although it edged closer with 55.5 percent of investors giving it the go ahead. Photographer: Chris Ratcliffe/Bloomberg

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).

Exit mobile version