FTSE 100 Outsmarts Sellers to Record Its Highest Ever Price Level

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FTSE 100 Analysis – March 1

FTSE 100 outsmarts the sellers to record its highest ever price level. It has been topsy turvy for the market ever since the beginning of last year. The price has been caught in a stronghold of consolidation with a resistance level of 7687.70 that has prevented it from attaining its previous high. However, January 2023 brings with it a bumper season where the resistance was breached and its all-time high was bypassed.

FTSE 100 Critical Levels

Supply Zone: 8500.00, 8052.00, 7587.70
Demand Zone: 7236.20, 6997.80, 6741.80

FTSE 100 Long-Term Trend: Bullish

The trend of the market since 2020 has been upward, even though it has been gentle. In so doing, the market scaled through several key levels, and with every rise came more confidence among buyers. This continued till the price touched 7687.70 where it met an almost unsurmountable resistance. The outcome led to a major drop. The market will, however, recover via the 6997.80 support.

From there, it has been a back and forth movement for the market from the 7687.70 resistance level to the 6997.80 support level. This lasted through the year 2022. By this time, the sellers had gained confidence, and they knocked the price hard toward the support level so that it even slipped beyond it. This alerted the bulls, who quickly sought reinforcement. The outcome is not only that the market rose back but rose strongly enough to break the resistance level.

FTSE 100 Short-Term Trend: Bullish

The MA period 50 is well aligned below the market on the daily and 4-hour charts to show the superior work the buyers have done to break new ground. The MACD (Moving Average Convergence Divergence) lines, which have been fluctuating around the zero level, have shifted above the zero level on the daily chart. The drop of the MACD lines on the 4-hour chart is due to the brief retracement in price before buyers push further towards 8500.0.

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