FTSE 100 Continues to Soar

Market Analysis – February 22

The FTSE 100 price is rising daily. The market has pushed through the resistance level of 7887.0 with the aid of a bullish order block.

FTSE 100 Key Levels

Demand Levels: 8200.0, 8400.0, 8600.0
Supply Levels: 7877.0, 7622.0, 6820.0

FTSE 100 Long-term Trend: Bullish

The market experienced a sudden crash in March last year. The price declined suddenly from 2622.0 to 6820.0. The ADX (Average Directional Index) rose rapidly to reveal the sudden volatility of the crash. The Stochastic Oscillator also switched from the overbought region to the oversold region. A quick correction followed. The price rose to the initial supply level of 7622.0 before the crash. The sudden plunge and pump created a liquidity pool in March.

In October, the market utilized the liquidity pool of 6820.0 to engineer long orders. A double bottom formed above the demand level of 6820.0. According to the Williams% Range, the market had been oversold. The buying pressure led to a rise in price from the support level. The former resistance levels at 7622.0 and 7887.0 caused retracements on the uptrend. The pullbacks on the uptrend gained sufficient energy to break the resistance levels.

FTSE 100 Short-term Trend: Bullish

The market has broken the resistance level of 7887.0. A retest of the supporting trendline is expected to foster a rise in price to 8200.0.

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