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Market Analysis – August 9th
FTSE 100 buyers show steadfastness against selling pressure. The buyers have showcased their resilience and strengthened their resolve in the face of selling pressure. They have refused to succumb to the sellers and are actively building strong momentum to counter any potential sell-off. Over the past period, buyers have gained control after sellers pushed the price down to the 7515.00 market level.
FTSE 100 Market Levels
Demand Zones: 7715.00, 7794.40
Supply Zones: 7515.00, 7413.00
FTSE 100 Long-Term Trend: Bullish
Since July, the bulls have been on a steady course, challenging the price at the key zone of 7248.10. They were able to drive it higher until they encountered resistance at the 7715.00 level. In early August, the market faced selling pressure, causing a decline to the 7515.00 level. However, sellers have not shown signs of giving up yet. Despite this, the buyers are demonstrating increased determination.
Should the selling pressure overpower the buyers’ resolve, it could potentially lead to a continuation of the downtrend in the market. The Parabolic SAR (Stop and Reverse) indicator currently indicates that sellers maintain control despite the buyers’ steadfastness. To overcome the influence of selling pressure on the FTSE 100 market, buyers will require additional buying power. Traders should closely monitor the interaction between buyers and sellers in the FTSE 100 market.
FTSE 100 Short-Term Trend: Bullish
On the shorter time frame of the 4-hour chart, the market appears to be in favor of the bulls. Buyers are gaining courage, and their momentum is crucial in confirming a bullish swing. The MACD (Moving Average Convergence and Divergence) indicator is positioned above the middle level. This indicates that buyers are growing stronger.
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