FTSE100 index Wave Analysis 18 August 2023

– FTSE100 index reversed from support level 7200.00

– Likely to rise to resistance level 7400.00

FTSE100 index recently reversed up from the powerful support level 7200.00 (former multi-month low from March), coinciding with the lower daily Bollinger Band.

The support level 7200.00 was further strengthened by the nearby support trendline of the wide daily down channel from April.

Given the strength of the support level 7200.00 and the oversold daily Stochastic, FTSE100 index can be expected to rise further toward the next resistance level 7400.00.