FTSE 100 Breaks Out from Parallel Channel

Market Analysis – July 31

The FTSE 100 index has experienced a bullish breakout from a parallel channel on the daily chart. The price pulled back to retest the border of the parallel channel, which provided support to propel it beyond the swing high of 8371.0.

FTSE 100 Key Levels

Demand Levels: 8200.0, 8010.0, 7899.0
Supply Levels: 8371.0, 8474.0, 8500.0

FTSE 100 Long-Term Trend: Bullish

The FTSE 100 breakout was preceded by a test of the supporting border of the parallel channel, marked by a hammer candle. This hammer candle signaled a strong takeoff.

The breakout led to 8371.0, a level that proved to be very sensitive. In June, a swing high formed at this price, halting a bullish retracement and indicating resistance. The price dipped quickly in reaction but was supported by the bearish trendline. Upon retesting the channel, the Machine Learning Lorentizan Classification Indicator produced a buy signal.

FTSE 100 Short-Term Trend: Bullish

A bullish order block lies below the swing high of 8371.0, offering a good setup for bullish signals. The breakout above 8371.0 has established a bullish structure, expected to propel the price to 8474.0. Using forex signals can help traders capitalize on these movements effectively.

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