FTSE 100 index can be expected to fall further toward the next support level 7800.00.
– FTSE 100 reversed from long-term resistance level 8030
– Likely to fall to support level 7800.00
FTSE 100 index recently reversed down from the major long-term resistance level 8030, former yearly high from 2023, which stopped the earlier weekly impulse wave (1), as can be seen from the weekly FTSE100 index chart below. The resistance level 8030.00 was further strengthened by the fact that it stand above both the upper daily and the upper weekly Bollinger Bands. The downward reversal from the resistance level 8030.00 stopped the earlier weekly impulse waves iii and 3.
Given the strength of the resistance level 8030.00, overbought weekly Stochastic and the worsening risk sentiment that can be seen across the global equity markets today, FTSE 100 index can be expected to fall further toward the next support level 7800.00.
