Market Analysis – May 31
FTSE 100 has experienced a successful bearish breakout from the symmetrical triangle on the daily chart. The retest of the zone has injected more selling pressure into the market.
FTSE 100 Key Levels
Demand Levels: 7450.50, 7330.80, 7203.60
Supply Levels: 7805.80, 7937.80, 8045.50
FTSE 100 Long-Term Trend: Bearish
FTSE price experienced a crash after the cross of the Moving Averages (Periods Nine and Twenty-one) at the resistance zone of 7937.80. Three black crows emerged from the resistance zone as a result of the selling pressure. The price dived with a very steep slope until the support zone of 7330 was reached.
The correction phase followed after the impulsive wave. The Stochastic indicated an oversold market in March. This led to an ascent to fill up regions of the market inefficiency created by the fast-moving price. 
FTSE 100 Short-Term Trend
The Moving Averages (9 and 21) are currently serving as resistance for the price. The support level of 7474.80 appears to be the next target for the price. A pullback to the order block is likely to unfold as the Stochastic is currently oversold.
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