FTSE 100 May Keep Gaining Traction Above Fib Level 23.60

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Price activity in the FTSE 100 market seems to be making an effort to continue retracing higher price levels. At the same time, Indicators keep showing signs which align with the prediction that prices may keep moving higher.

Major Price Levels:
Top Levels: $7,499, $7,550, $7,600
Floor Levels: $7,450, $7,400, $7,350

FTSE 100 May Keep Gaining Traction Above Fib Level 23.60

FTSE 100 May Extend Its Upside Move

With the help of a long bullish price candle, from the past four trading sessions, price action in the FTSE 100 daily market broke both the Fibonacci level of 23.60 and the middle limit to the upside. Headwind soon resumed, and price action was pushed to test the Fib level of 23.60 as support. Interestingly, the next trading session refrained from testing the same support, as it appeared that the headwind was subsiding. However, in this session, buying seems to have resumed with the appearance of a green price candle. Also, the RSI lines have reached above 50 levels, while the MACD keeps portraying a reduction in downward momentum. By implication, it appears as if the price in this market may continue moving upward.

FTSE 100 May Keep Gaining Traction Above Fib Level 23.60

FTSE 100 Starts a New Session on a Positive Note

On the 4-hour market, it could be seen that the price in the FTSE 100 market has started a new session with a price under the control of buyers. The latest price candle in this market formed above the middle limit of the Bollinger band. Also, the RSI has given a bullish crossover near the 34 levels of the indicator. Meanwhile, the MACD curves are now moving sideways after coming together above the equilibrium point. Going by market signs, it could be assumed that the price in this market may keep moving toward the price level of $7,560.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.