In a session marked by significant intraday swings, the FTSE 100 Index is currently trading in negative territory but shows signs of a strong bullish recovery. This article breaks down the latest data, chart patterns, and key levels that traders are closely monitoring.
Today’s Market Performance in Detail
As of 14:20 UTC+1 on July 4th, the FTSE 100 Index (INDEXFTSE) stands at 8,811.63. This represents a modest decline of 11.57 points, or 0.13%, for the day.
Despite the current red figure, the market’s performance is more nuanced than the headline number suggests. The index is trading below its previous close of 8,823.20, a critical level that is now acting as immediate resistance.
Intraday Chart Analysis for Traders
A closer look at the 1-day chart reveals a classic battle between bears and bulls:
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Opening Weakness: The trading day began with a gap down, with the index immediately falling from its previous closing level. Early session volatility pushed the FTSE 100 to its intraday low around the 9:30 mark, testing the 8,785 level.
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Mid-day Reversal: Following the morning low, buyers began to step in, initiating a gradual but steady recovery. The upward momentum accelerated significantly after 11:30 and continued into the afternoon session.
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Current Momentum: The index is now trading near its session high, having recovered a substantial portion of its earlier losses. This strong rebound from the lows indicates significant buying interest and market resilience.
Key Levels to Watch
For active traders, two primary levels are crucial for the remainder of the session:
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Immediate Resistance: The most important level to watch is the previous close at 8,823.20. A decisive break above this price point could turn the index positive for the day and signal a potential bullish continuation.
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Intraday Support: The session’s low, established around the 8,785 mark, serves as the primary support level. A failure to hold above this level would suggest that the bearish pressure is returning.
Outlook and Trader Takeaway
The FTSE 100 is currently at a critical juncture. While technically down on the day, the strong intraday recovery signals that bulls are actively defending lower prices and attempting to regain control. The final hours of trading will be pivotal. Traders will be watching to see if the index has enough momentum to break and hold above the 8,823.20 resistance. A successful push could set a positive tone for the next session, whereas a rejection from this level could see the index close on a weaker note.
