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The FTSE 100 price has increased significantly in recent times. However, as of now, it appears that traders are taking their profits. Consequently, this has caused price action to keep retracing lower levels.
Major Price Levels:
Top Levels: $7,780, $7,800, $7,840
Floor Levels: $7,750, $7,730, $7,700
The Headwind in the FTSE 100 Seems Strong
Price action in the FTSE 100 daily market seems to be up against a strong headwind. Consequently, this has caused the upside correction attempt from the last trading session to fail. Furthermore, the RSI indicator is running toward the oversold region undisturbed and is now at 25.51 and 12.14. Also, the Moving Average Convergence Divergence Indicator curves have performed a downward crossover above the 0.00 mark and are now at the 89 and 82 levels. Even, short histogram bars have started showing up below the 0.00 mark.
FTSE 100 Price Action Lacks the Strength to Retrace Higher
On the 4-hour chart, attempts are being made by short-term traders to bring about an upward correction. However, it seems there isn’t enough strength to combat the headwind. Here, the last price candle is a green one, but its nature and size show that the bulls are weak, even inside the ongoing four hours. The Stochastic RSI has performed an upward crossover, but its lines are still below the 50 mark. Even the terminal of this indicator line appears as if it is preparing for a bearish crossover. The MACD indicator shows the frail nature of price action. The lines of this indicator are moving sideways and closely together, just below the equilibrium level. Meanwhile, the histogram of the MACD keeps changing color from solid to pale red. Therefore, traders may not experience an upside retracement for now, as the price may fall to near $7,740.
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