Market Analysis – April 12
FTSE 100 Bulls are racing towards the resistance level of 8015.0. The market is approaching the 78.6% retracement level, where a bearish order block lies.
FTSE Key Levels
Resistance Levels: 7848.0, 7950.0, 8015.0
Support Levels: 7288.0, 7120.0, 6782.0
FTSE 100 Long-Term Trend: Bearish
FTSE 100 created a swing low on October 14, 2022, at the 6782.0 demand level, which served as the initiation for a long-term uptrend. The MACD (Moving Average Convergence and Divergence) Indicator already indicated an uptrend with the formation of a hammer candlestick on the 13th of October. A significant pullback was witnessed from 7576.0 at the inception of December to the support level of 7288.0 in the middle of the month.
An ascending wedge guided the gyration on the 24-hour chart to the supply level of 8015.0. After the Cross of the Moving Averages (period nine and twenty-one) below 8015.0, the market purged profusely with the aid of three black crows. The demand level of 7288.0 was tested in March.
FTSE 100 Short-Term Trend: Bullish
On the four-hour chart, a breakout from a symmetrical triangle has pumped the price to the premium level above 50% of the Fibonacci level. The market is currently approaching a bearish order block at the 7848.0 resistance level.
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