FTSE 100: Buy Bias
– Index rebounds from key support zone
– Upside target at the 10,940.00 resistance level
The FTSE 100 has staged a notable reversal from a well-defined support area, anchored by the critical 10,750.00 level — a former strong resistance that capped price action throughout April and July. This level coincides with the lower boundary of the daily Bollinger Band and the 38.2% Fibonacci retracement of the upward impulse originating in July, reinforcing its significance as a technical floor.
The bounce from this confluence of support has triggered an active minor impulse wave iii, which forms part of the broader extended intermediate impulse wave (C) that began unfolding at the end of May. The structure suggests renewed bullish momentum is taking hold on the daily timeframe.
With the prevailing daily uptrend firmly intact, the FTSE 100 is well-positioned to extend its gains toward the next major resistance at 10,940.00. This ceiling has historically rejected advances from February onward, making it a pivotal level to watch in the sessions ahead.
