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Market Analysis – May 9
The FTSE 100 index has witnessed a robust surge in bullish momentum, firmly asserting its dominance within the market landscape. Following the recent FTSE 100 bullish order block at 8122.0, the index has surged to 8345.0, exhibiting a notable ascent without displaying any discernible indications of a reversal. Consequently, setting sights on the next significant level at 8500.0 appears to be a feasible objective.
Key Levels for the FTSE:
Demand Levels: 8122.0, 7764.0, 7598.0
Supply Levels: 8400.0, 8500.0, 8600.0
Long-Term Trend Analysis:
The bullish trend in the FTSE 100 index has demonstrated resilience, notably evidenced by the consistent defense of the demand level at 7260.0 throughout the entirety of 2023. On four distinct occasions within the year, the market price tested this zone, promptly rebounding each time. Noteworthy during these instances was the indication from the Williams Percent Range, signaling an oversold market condition, thereby catalyzing reversals and enticing investors to capitalize on discounted prices.
Moreover, the breakthrough of the long-standing resistance level at 7764.0 marked a pivotal shift in market dynamics, with sellers relinquishing their stronghold after nearly a ten-month tenure. This structural breach unequivocally delineated the trajectory of market sentiment.
Short-Term Trend Analysis:
In the short term, the bullish momentum persists, as evidenced by the positioning of the Parabolic SAR (Stop and Reverse) points, situated below the candlesticks on both the four-hour and daily charts. This convergence underscores the alignment between lower and upper timeframes, augmenting confidence in the prevailing bullish sentiment. Furthermore, the bullish order block at 8122.0 emerges as a reliable reference point, offering stability amidst market fluctuations. Anticipations are rife for the index to ascend toward the psychologically significant level of 8500.0, indicative of the prevailing bullish sentiment and potential market trajectory.
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