FTSE 100 Bears Stay Offensive

Market Analysis – August 16th

FTSE 100 bears stay offensive as they exert more influence. The sellers have been applying aggressive pressure. They have managed to corner the buy traders around the 7715.00 market zone. June proved to be a strong period for the bears in the FTSE 100.

However, in July, it was a reversal of fortunes. The Bulls made a comeback. The comeback came into play when the sellers drove the price down to the significant zone of 7226.10.

Throughout July, the buyers were able to gather strength. Unfortunately, their bullish momentum was short-lived. The price experienced a decline at the key level of 7715.00. Since then, the sell traders have taken an offensive stance, driving the price lower in the market.

FTSE 100 Key Levels

Resistance Levels: 7948.80, 7715.00
Support Levels: 7628.20, 7226.10

FTSE Long-Term Trend: Bearish

Last week, the market saw a period of consolidation above the 7514.10 market level. As we speak, the bears have resumed their motion. The RSI (Relative Strength Index) indicates that strength accumulation is focused on the bearish side. This further supports the bearish moment.

The Parabolic SAR (Stop and Reverse) indicates a progression in the bearish direction. It also reinforces the current market sentiment. Given the dominance of the bears, the buyers will need to gather greater strength to mount a counterattack.

FTSE Short-Term Trend: Bearish

Looking at the 4-hour chart timeframe, we can observe the continued bearish progression. As the bears grow stronger, more zones will likely be breached in the days to come. The retest of the 7389.10 key level further confirms the bearish setup in the market.

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