Technical analysis

UK100 Wave Analysis – 20 July, 2021

• UK100 reversed from support zone
• Likely to rise to resistance level 7000.00

UK100 index recently reversed up from the support zone lying between the key support level 6840.00 (former low of waves (iv) and (a)), lower daily Bollinger band and the 50% Fibonacci correction of the upward impulse from January.

The upward reversal from this support zone stopped the earlier short-term ABC correction 4 from the start of May.

UK100 index can be expected to rise toward the next round resistance level 7000.00 (former powerful support from June and July).

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