FTSE100 Analysis – March 15
FTSE100 falls without a break after the completion of the three black crows candlestick pattern. As the price heads towards the key support level at 7310.00, there’s no hope of the market returning to the upside as it pushes below in a sharp manner. There are speculations that it may break the support level with no stress due to the 78% winning probability rate of the three black crows.
FTSE100 Significant Levels:
Resistance level: 8043.00, 7706.00
Support level: 7310.00, 7001.00
FTSE100 Long-Term Trend: Bearish
The FTSE100 fall is a massive downturn, but it is an opportunity that should be taken with caution as the price may retrace at the support level of 7310.00. The 3 Black Crows candlestick pattern and the break of the resistance level 7706.00, played a huge role in its fall. The MA period 50 (Moving Average) indicates a break into a downtrend on the 13th of March, 2023, and a retracement on the 14th of March 2023.
The 15 and 30 Relative Strength Index (RSI) indicate a downtrend on the 20th of February, 2023, which means the market has been giving signs of a fall by accumulating at the 7960.00 price zone. This helps it break the trendline on the 7th of March, 2023, followed by the 3 black crows candlestick. Investors are most likely to go in after the break of the resistance level of 7706.00. The price will continue to fall, but caution is needed around the support level of 7310.00.
FTSE100 Short-Term Trend: Bearish
The market is approaching the support level of 7310.00 at a fast pace as it seeks to complete its ABCD pattern before starting a retracement on the support level. The 15 and 30 Relative Strength Index (RSI) and the MA period 50 (Moving Average) on the 4-hour chart indicate a new downtrend. There are chances the price may seek an opportunity to push back to 7706.00, while that is expected, it’s important not to make any uncalculated move on the market as no definite direction is perceived.
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