FTSE 100 Recovering Previous Losses

For about eight consecutive trading sessions, selling has been the market’s most dominant activity. However, now it appears buyers had regrouped near the £7,450 price level, and this has resulted in a moderate recovery in the meantime.

Important price Levels:
Top Levels: £7,508, £7,558, £7,600
Bottom Levels: £7,488, £7,450, £7,420

FTSE 100 Price Arrives Above a Notable Support

Buyers in the FTSE 100 24-hour market have pushed the price above the middle limit of the Bollinger band (MA). Additionally, the Stochastic RSI indicator lines have reached the oversold zone and have performed a bullish crossover. Furthermore, the lines of this RSI indicator are now on their way up toward the overbought region. In addition, the MACD indicator has started to indicate a decrease in downward momentum. This can be seen as the lines of this Indicator are now turning sideways above the equilibrium point. Also, the histograms on the negative side of the MACD too are now looking pale in appearance. Therefore, since technical indicators point to a decrease in downward momentum, traders may keep gaining more buying confidence, as the price continues to increase.

FTSE 100 Maintains Promising Outlook

Coming to the FTSE 100 4-hour market, we can see that has refused to fall below the MA line. Additionally, bullish candles have formed right from the previous trading sessions till now. Consequently, this has pushed FTSE 100 price upwards from the middle limit of the Bollinger band (MA). Also, the MACD curves are now on their way upwards, to indicate a gain in buying pressure. Likewise, the RSI indicator lines are now nearly giving a bullish crossover around the 50 mark of the indicator. Consequently, traders in this market can still predict that the price will move towards the £7,650 price mark, going by signs that are emanating from trading indicators.

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