FTSE 100 Ascends to the Premium Level

Market Analysis – April 5

FTSE 100 bullish delivery lasted from October 2022 till February this year. Three black crows dived to change the direction of the market in February. The breakout of the rising wedge seemed lethargic initially, till the black crows appeared.

FTSE 100 Significant Zones

Supply Zones: 7712.0, 7848.0, 8015.0
Demand Zones: 7288.0, 7120.0, 6500.0

FTSE 100 Long-Term Trend: Bearish

In December last year, FTSE 100 experienced a major retracement when the Stochastic was overbought. On the bullish trend, the price declined from 7576.0 to 7288.0 within two weeks. The Bulls regained strength as the bullish order block at the 7728 demand level was tested. The Stochastic was oversold, hence a surge in the price continued the uptrend. After a retest of the bearish trendline used to engineer the retracement, the market ascended within a wedge to the supply zone of 8015.0.

The test of the supply level of 8015.0 was very sensitive as the price swerved away instantly upon reaching the zone. A bearish displacement led by three black crows sank the price from 7848.0 to 7288.0.

FTSE 100 Short-Term Trend: Bullish

The Fibronacci tool has been used to grade the bearish displacement. On the lower time frame, the market ascended within a parallel channel to the premium zone at 0.618 on the fib. The bearish trend is likely to resume immediately as the market is showing reactions at the 7712.0 key level.

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