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Market Analysis – November 2
FTSE 100 buyers are willing to bounce back up. The index is currently displaying signs of a potential bullish reversal. After a period of bearish tendencies, it appears that the bulls are ready to reassert their control in the market. This shift in market sentiment suggests that buyers are gaining strength and are no longer willing to surrender to selling pressure.
FSTE100 Key Zones
Resistance Zones: 7919.50, 7739.40
Support Zones: 7413.00, 8257.80
FTSE100 Long-Term Trend: Bullish
Throughout recent trading sessions, market participants have been strategically positioning themselves at key levels. Notably, there was a significant sell-off observed around the 7739.40 level last month. This was followed by further selling pressure, pushing prices below the 7413.60 level last week. However, there is no evidence of a shift in momentum, with buyers gradually gaining strength around the 7257.80 level.
This week, the FTSE 100 buyers have made noticeable progress, approaching the 7413.60 level once again. Currently, there are signals that the market is ready to shift in favor of buyers. The Stochastic Oscillator has yet to provide a strong confirmation. The signal line remains within the oversold region. It, however, indicates that there might be more room for potential gains on the buyers’ side.
FTSE100 Short-Term Trend: Bullish
On the 4-hour chart, it is evident that the buyers are steadily regaining momentum. The battle against selling pressure is poised to continue for some time. A decisive break above the 7413.60 level would signify a significant shift in market sentiment. This may also mark the beginning of a bullish trend in the FTSE 100.
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