The FTSE 100 index has struggled to break through the critical resistance zone at 8371.0, resulting in a consolidation phase. Despite multiple attempts to push past this level, the market has repeatedly faced rejection, leading to a retreat towards the bullish order block at 8167.0.
The FTSE 100 index has formed a triple top at the 8371.0 level, signaling strong resistance from sellers. Each test of this resistance has aligned with an overbought market condition, as indicated by the Williams Percent Range.
Currently, the price has pulled back to the bullish order block at 8167.0, temporarily halting the market’s decline. The Williams Percent Range now points to an oversold market, suggesting the potential for a bullish rebound.
FTSE 100 Short-Term Trend: Bullish
On the lower timeframe (4-hour chart), a double bottom bullish reversal pattern has appeared, offering a promising setup for bullish trades with a favorable risk-to-reward ratio.
A return to the bullish order block is expected to drive the price back toward the 8371.0 resistance level, where a potential breakthrough could occur. Investors closely following forex signals may find this setup conducive for bullish trades as the market attempts to regain momentum.
Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.
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