Market Analysis – March 22
FTSE 100 has plunged from the 8026.0 supply level to 7317.0 in March. A recovery in the price is likely to abound as the Stochastic indicator begins to rise from the oversold region.
FTSE Key Levels
Demand Levels: 7313.0, 7016.0, 6829.0
Supply Levels: 7675.0, 7862.0, 8026.0
FTSE Long-Term Trend: Bearish
FTSE Experienced a volatile crash in March 2022. The price of the market declined rapidly from the key level of 7675.0 after the formation of a double-top bearish reversal pattern. The Moving Averages (periods nine and twenty-one) also crossed to signal the descent. The market dipped to the support level of 6829.00. The Bulls stormed the market immediately for a quick recovery of the price. The market ascended to 7675.0.
A double-bottom bullish reversal pattern formed in October 2022 when the market was oversold. The Moving Averages (periods nine and twenty-one) crossed to signal a new uptrend. The market rallied to reach liquidity pools at 7675.0. The bullish market structure continued until the supply level of 8026.0. The Moving Averages (periods nine and twenty-one) have crossed above 7862.0. The Stochastic also signaled a bearish reversal. The price of the FTSE 100 has crashed from 7862.0 to 7313.00.
FTSE 100 Short-Term Trend: Bearish
The Stochastic on the higher timeframe (daily chart) is recovering from the oversold region, whereas the lower timeframe is overbought. A retracement is therefore expected on the lower timeframe to continue the anticipated recovery from 7313.0 to 7862.00.
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