FTSE 100: 
Buy
- FTSE 100 reversed from key support level 8425.00
- Likely to rise to resistance level 8832.00
FTSE 100 index recently reversed up from the key support level 8425.00, a former strong resistance from last year, which has stopped multiple upward impulses from May to December as can be seen from the daily FTSE 100 chart below.
The support level 8425.00 was strengthened by the lower daily Bollinger Band and by the 50% Fibonacci correction of the sharp upward impulse from December.
Given the clear daily uptrend, FTSE 100 index can be expected to rise to the next resistance level 8832.00 (which reversed the previous waves 3 and b).
