FTSE 100 Pullback Might Turn to a Market Reversal

Market Analysis – April 19

FTSE 100 price is currently within the premium range. The retracement accent seems to trend steadily without the formation of a lower time frame shift in market structure, the pullback might like to turn into a total reversal.

FTSE 100 Key Levels

Demand Levels: 7712.0, 7576.0, 7288.0
Supply Levels: 7848.0, 8015.0, 9500.0

FTSE Long-Term Trend: Bearish

The successful breakout of the rising wedge on the 24-hour chat of the FSTE market resulted in a volatile displacement. The price fell without pause or hindrance from the supply level of 8015.0 to the demand level of 7288.0. The Bulls actively engaged the market and took advantage of the support level of 7288.0 in March. The moment rose greatly as the price took off from the support region.

A breakout from a pennant was observed as the price ascended to the moon. The Parabolic SAR aligned neatly below the daily candles to reveal the consistency of the uptrend. The market has shown almost no reaction to the levels of resistance in its ascent. The price is already above the 78.6 retracement level, where a bullish order block lies. The Stochastic is well overbought on the daily chart; hence, a continuation of the downward trend is possible.

FTSE 100 Short-Term Trend: Bullish

On the lower timeframe, the candles have risen significantly within the ascending channel. A failure of the bearish order block to hold would result in a new bullish ascent. If not, the price might dive steadily to 7288.0.

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