Market Analysis – May 15
FTSE 100 bullish trend has remained very consistent since April. The Average Directional Index (ADX) has reached 40, revealing a strong trend. The coast appears clear to ride the bullish wave even as the Bull and Bear power indicator reveals the complete domination of the buyers at this season.
FTSE 100 Key Levels
Demand Levels: 8200.0, 8045.0, 7794.0
Supply Levels: 8500.0, 9000.0, 9500.0
FTSE Longterm Trend : Bullish
FTSE 100 has established an uptrend since the inception of the year. The price action on the daily chart was defined with a bullish parallel channel. The upward motion was consistent as each new higher low delivered a new high leading to a bullish market structure.
The buying pressure has risen significantly leading to a bullish breakout from the parallel channel. Upon the breakout, a pullback followed. The price bounced off the trendline to give more opportunity for long orders. The price launched to the moon propelling the ADX to 40.
FTSE 100 Short-Term Trend: Bullish
The price is expected to drive towards the next psychological level of 8500.0. The Bull and Bear power indicator reveals the buyers are still in control on the 4-hour and daily chart. It is safer not to paddle against the bullish tide as short orders would likely witness rapid stopouts.
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