FTSE 100 Ascends Towards the 7219.0 Resistance Level

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Market Analysis – June 7

FTSE 100 has experienced a price surge from the bullish order block on the 7450 support zone. The price is rapidly soaring to the next resistance level of 7219.0

FTSE 100 Key Levels

Demand Zones: 7450.0, 7330.0, 7203.0
Supply Zones: 7719.0, 7805.0, 7937.0

FTSE 100 Long-Term Trend: Bearish 

A bearish reversal chart pattern signaled a crash in March. A head-and-shoulders pattern formed at the 7937.0 supply region. The impulsive displacement of FTSE price after the completion of the head and shoulders pattern in March created gaps in the bearish swing. The fast-moving price deposited in inefficiently traded regions. 

A double-bottom bullish reversal pattern was also formed in March at the support zone of 7330.0. This signaled an ascent in the market. The price rose to the bearish order block at the resistance level of 7937.0 to serve as the corrective phase.

FTSE 100 Short-Term Trend: Bullish

A bullish shift in market structure has been observed on the 4-hour chart. The price is drawing towards the bearish trendline at the supply zone of 7719.0.

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