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FTSE 100 breaks resistance zone, pointing to higher level near 11,000

The move follows a breakout above the 10,750 resistance area, with analysis expecting a rise toward 11,000 to complete an upswing.

Reported · Written up by our desk · FX Futures

A technical analysis of the FTSE 100 index says the market has recently broken a resistance area between the key 10,750 level, which had been reversing price since April, and a resistance trendline tied to a daily up channel from May.

Action Forex reports that the breakout accelerated an “active minor impulse wave 3” within a broader intermediate impulse move from May, suggesting continued upside.

The analysis expects the FTSE 100 to rise toward the next resistance level at 11,000.0, described as the target for completion of the impulse wave 3.

Latest closeFTSE 100 10,871.02 ▲0.8%

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