FTSE 100 Remains Unyielding to Resistance

Market Analysis: February 15

FTSE 100 remains unyielding to resistance as the price continues to rise rapidly. The resistance levels are turning toward support on the daily time frame.

FTSE 100 Key Levels

Demand Levels: 8200.0, 8400.0, 8600.0
Supply Levels: 7877.0, 7622.0, 6820.0

FTSE 100 Long-term-trend: Bullish

The liquidity pool at 7079.0 was swept in September as the market declined to 6820.0. The Stochastic tipped into the overbought zone, which fostered the fall in price. A retest on the midline of the Bollinger Bands was also experienced at the same time. The correlation of both indicators prompted a bearish displacement to 6820.0. The change from a downtrend to an uptrend was witnessed in October. The market formed a double-bottom bullish reversal pattern. This encouraged the bulls to ascend from the oversold region, as seen on the Stochastic.

The market rallied above the Moving Average within the bands after the takeoff. The market retraced to 7311.0 where it gained more bullish momentum. In January, the market broke the 7622.0 resistance level. The retracement back to the Moving Averages of the Bollinger Bands provided sufficient support to break 7887.0

FTSE 100 Short-term Trend: Bullish

FTSE 100 is cutely oversold on the daily chart as well as the 4-hour timeframe. The market is expected to retrace to the ascending trendline to foster an ascent to $8200.0.

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