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FTSE 100 points to resistance test after bouncing near 10750
The analysis says the index recently reversed off the 10750 support zone and could target 10940, where it previously drew price from February.
Action Forex said the FTSE 100 index recently reversed in a support zone centered on 10750, a level described as prior strong resistance from April and July.
The outlet attributed the rebound to a clear daily uptrend, noting the lower daily Bollinger Band and a 38.2% Fibonacci correction tied to the upward impulse from July.
Action Forex expects further upside toward the next resistance level at 10940, which it said has been drawing the price since February.
It framed the move as an active minor impulse wave, part of a larger extended intermediate impulse wave linked to the move from the end of May.
Latest closeFTSE 100 10,789.30 ▼0.0%