Market Analysis – July 5th
The FTSE 100 index finds itself under bearish pressure as it continues to face challenges in its attempt to reverse the prevailing downtrend. On June 30th, a bearish break in the market structure occurred, indicating a continuation of the downward movement.
Following this break, the market underwent a pullback phase, only to resume the bearish institutional order flow.
FTSE 100 Key Levels
Demand Levels: 7798.0, 7240.0, 7108.0
Supply Levels: 7620.0, 7689.0, 7786.0
FTSE 100 Long-Term Trend: Bearish
The FTSE 100 price action demonstrates a bearish sentiment, as evidenced by the rejection candle that formed at the supply level of 7620.0.
This rejection was followed by six consecutive days of downward closing, resulting in a substantial decline of approximately 3.71 percent.
Although a retracement occurred after another rejection candle, pushing the price halfway into the premium region, the market is currently showing a steady decline, aiming to reach the long-term swing low at 7398.0.
This indicates the prevailing bearish sentiment and reinforces the expectation of further downward movement in the FTSE 100 index
FTSE 100 Short-Term Trend: Bearish
Both the 4-hour and 24-hour time frames confirm the continuation of the bearish trend in the FTSE 100 index. Additionally, the Moving Averages with periods of 9 and 21 are positioned above the candlesticks, further supporting the bearish momentum and signaling a potential decline in the price.
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