Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

FTSE 100 reversed from pivotal support level 6050.00

  • FTSE 100 reversed from pivotal support level 6050.00
  • Next buy target - 6200.00

FTSE 100 continues to rise – following the earlier upward reversal from the support zone lying between the pivotal support level 6050.00 (which has been repeatedly reversing the index from the start of March, as can be seen from the daily FTSE 100 chart below), lower daily Bollinger Band and the 38.2% Fibonacci correction of the previous primary ABC correction Ⓑ from the middle of February.

Given the strength of the aforementioned support zone - FTSE 100 can be expected to rise further to the next buy target at the nearby resistance level 6200.00 (which stopped the previous ABC correction (2)).

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