FTSE 100 reversed from resistance zone
By: Dmitriy Chernovolov
- FTSE 100 reversed from resistance zone
- Next sell target - 6160.00
FTSE 100 continues to fall inside the minor corrective wave 2 – which started earlier – when the index reversed down from the strong resistance zone surrounding the major resistance level 6400.00 (which has been reversing the index from September of 2015, as can be seen from the daily FTSE 100 chart below). The aforementioned resistance zone was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the previous downward impulse from last May.
FTSE 100 is likely to fall further toward the next sell target at the support level 6160.00 (former strong resistance level, which has been reversing the index in March).