FTSE 100 Initiates Selloff at 78.6% Retracement Level
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FTSE 100 Initiates Selloff at 78.6% Retracement Level

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Azeez Mustapha

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Market Analysis – May 4

FTSE 100 is currently reversing in the premium region of the last bearish displacement on the 24 hour chart. The lower timeframe market structure has exposed the change in market direction, with the bearish reversal at 7887.0

FTSE 100 Key Levels

Demand Level: 7622.0, 7311.0, 7079.0
Supply Level: 7887.0, 8200.0, 9000.0

Ftse 100 Initiates Selloff at 78.6% Retracement Level

FTSE 100 Long-Term Trend: Bearish

The breakout in May, led by the three black crows, was aimed at the liquidity pool of 7311.0. The price of FTSE dived aggressively under the points of the Parabolic Stop and Reversal indicator until the low of 7311.0 was swept.

The pin-bar candle at the support level was a signal for a bullish reversal. The bearish order-block of 7622.0 also failed to hold.  A shift in market structure helped the delivery return to the 78.6% retracement level of the bearish swing. A bearish order-block lies at the 78.6% retracement, which is currently resisting the ascent.
Ftse 100 Initiates Selloff at 78.6% Retracement Level

FTSE 100 Short Term Trend: Bearish

The price is expected to plummet as the trend has reversed on the (LTF) lower timeframe. The bearish reversal in the lower timeframe is anticipated to transform into the higher timeframe at the key level. The demand level of 7622.0 appears to be the nearest target after the reversal.

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