FTSE100 Price Rises into Overbought Region

Market Analysis – April 24

FTSE100 price action on the daily chart since November is discernable with a parrel channel. The price fluctuation has shown a high level of sensitivity at the borders and center of the parallel channel. Though the FTSE ascent doesn’t feature neat significant highs, the swing lows are well assembled on the supporting border of the channel.

FTSE100 Key Levels

Demand Levels: 7782.0, 7611.0, 7423.0,
Supply Levels: 8074.0, 8100.0, 8200.0

FTSE Long-Term Trend: Bullish

The last test of the resistance border of the parrel channel on the daily chart was in April. The William Percent Range accurately signaled an oversold market. This was followed by a gentle crash into the order block at 7782.0.

The test of the bullish order block on the daily chart occurred when the Williams Percent Range was oversold. This has led to a rebound of the price back to the resistance border. The pullback was also halted by the support of the Williams Aligator at the center of the parallel channel which is sensitive.

All through the whole period, the William Aligator revealed the market sustained its bullish stance. The multiple strings of the indicator still rest below the daily candles showing an uptrend.

FTSE Short-Term Trend: Bullish

While the price is still bullish a retracement is anticipated as the Williams Percent Range is already signaling an overbought market. The market is expected to show some level of resistance at the resistance border unless a breakout occurs. The anticipated pullback is expected to propel the price to 8200.0

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