FTSE 100 Bullish Momentum Awaits Key Retracement Completion

FTSE 100 Analysis – January 29

FTSE 100 bullish momentum awaits key retracement completion as the price faces downward pressure. The FTSE 100 index is currently trading above its 9-day Simple Moving Average (SMA) at $8,530, indicating an overall bullish trend. The Moving Average Convergence Divergence (MACD) histogram remains in positive territory, with the MACD line positioned above the signal line, suggesting strong upward momentum. However, the MACD histogram bars are contracting, hinting at a potential retracement before another upward move. While the broader trend remains bullish, a temporary pullback is likely before the next leg higher.

FTSE 100 Key Levels

Resistance Levels: $8,590, $8,800, $9,000
Support Levels: $8,370, $8,100, $7,800

 

FTSE 100 Long-Term Trend: Bullish

FTSE 100 has surged above a major supply zone, marking a Break of Structure (BOS) around $8,390. The price reached a high of $8,590 before entering a consolidation phase. A key support level exists at $8,370, with a Mitigation Block (MB) zone providing additional liquidity. The price may revisit this area before resuming its bullish trend, as historical price movements indicate that this level has been strong. A breakout above $8,590 could lead to an extended rally toward the $9,000 supply zone. However, failure to sustain above key support levels could result in a deeper retracement before any bullish continuation.

FTSE 100 Short-Term Trend: Bearish

The FTSE 100 index is experiencing short-term bearish pressure as the price encounters resistance near $8,540 and the 9-period SMA at $8,520. A break below the short-term support level of $8,460 could accelerate the decline toward the key demand zone around $8,370. The MACD histogram is weakening, with the signal line crossing downward, indicating a decline in bullish momentum. If the price fails to hold above $8,390, further downside toward $8,110 could occur before any potential recovery. Forex signals suggest that market participants should closely monitor these levels for potential trading opportunities.

Make money without lifting your fingers: Start using a world-class auto trading solution 

How To Buy Lucky Block

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.