FTSE 100 Breakout is Looming
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FTSE 100 Breakout is Looming

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Azeez Mustapha

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Market Analysis – June 14

The FTSE 100 index is showing signs of an imminent breakout as it approaches a narrow range of swing highs and lows on the daily chart. Currently hovering around the 7612.0 range, the market is in an accumulation phase, setting the stage for a significant shift in price.

FTSE 100 Key Levels

Demand Levels: 7612.0, 7158.0, 7219.0
Supply Levels: 8030.0, 8200.0, 8300.0

FTSE 100 Breakout is Looming

FTSE 100 Long-Term Trend: Bearish

The formation of a symmetrical triangle on the daily timeframe, characterized by lower highs and higher lows, indicates the presence of conflicting forces in the FTSE market. Both the bearish trendline and the bullish trendline have guided the price to the key zone at 7612.0.
The Moving Averages with periods of nine and twenty-one are positioned above the daily candles, suggesting a short-term decline in price. The market forces are currently in a state of contention, resulting in resistance at the 7612.0 zone.

FTSE 100 Breakout is Looming

FTSE 100 Short-Term Trend: Ranging

On the four-hour chart, the price is oscillating within the key zone at 7612.0, indicating a lack of clear direction. The upcoming breakout and subsequent displacement will provide valuable insight into the next trend in the market.

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