FTSE 100 Will Recover to Continue Its Uptrend Movement

FTSE 100 Analysis – March 8

FTSE 100 will recover to continue its uptrend movement. The market finally maneuvered its way beyond its consolidation resistance level at 7687.70 and has quickly risen to the next significant level, thus recording its highest-ever level since the origin of the market in late 2017. The price is undulating through a parallel channel, and it is expected to recover to even record higher prices.

FTSE 100 Critical Levels

Supply Zone: 8500.00, 8052.00, 7587.70
Demand Zone: 7236.20, 6997.80, 6741.80

FTSE 100 Long-Term Trend: Bullish

The market has been on the ascendency as far back as early 2021. However, when the price rose beyond the 6997.80 significant level, it was prevented from dropping freely back below it. Nevertheless, the buyers found it equally difficult to initially ascend beyond 7230.20 and then 7687.70. After a period of back-and-forth movement, the resistance was weakened to give the market a pathway upward.

Since then, the FTSE 100 has been rising through a parallel channel. The price eventually got to the next significant level at 8052.00 where its upward movement has been halted. The market remains within the channel and still has the potential to push through the resistance to record higher price levels. Despite the impressive bullish run, market momentum has been conservative, only making an undulating movement.

FTSE 100 Short-Term Trend: Bullish

The MACD (Moving Average Convergence Divergence) indicator, however, shows a clear distinction that this is a bullish market. Its lines have risen strongly into a positive value on the daily chart. The rejection at 8052.00 made the lines drop into the negative on the 4-hour chart, but there is now a golden cross upward as the price seeks to keep rising to 8500.00.

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