FTSE 100 Continues Bullish Order Flow

Market Analysis – February 8

The FTSE 100 has successfully launched from a bullish order block. The retracement from 7887.0 aided the bulls to launch from the test of the supporting trendline.

FTSE 100 Key Zone

Demand Level: 7311.0, 7079.0, 6820.0
Supply Level: 7622.0, 7887.0, 8100

FTSE Long-term Trend: Bullish

FTSE 100 market has finally surged through 7622.0 which was the last year’s high. Throughout the first half of the year, the major level at 7622.0 provided resistance to the upward movement. The Williams % R (Percent Range) signified the market was overbought at each strike of the supply level at the 7622.0 supply level.

The market turned bullish after the trend reversal in October. The daily candles rose above the Moving Average within the Bollinger Bands after the double bottom formation at 6820.0 A very steep bullish parallel channel anchored the major highs and lows on the upward trend. After the supply level at 7622.0 was swept, the market retraced to the support level at 7311.0. At the critical level, more buyers flooded the market. The buying pressure has led to an increase in price to 7887.0.

FTSE 100 Short-term Trend: Bullish

The market has resumed its uptrend from the bullish order block on the daily chart. The 4-hour time frame revealed the bullish structural shift at the range of the Order Block. The market has ascended intending to push through 7887.0 for 8200.0.

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