FTSE 100 Price Remains Solidly Bullish

Market Analysis – July 19

The FTSE 100 price remains solidly bullish, as the market shows no signs of slowing down. In fact, the market appears to be headed for more momentum, as buyers have been quite active since the start of July. This followed a bearish display by the sellers in June, resulting in the market dropping from 7649.40 to 7248.10 key zones. The buyers have since taken over the market, and the overall signal remains in a bullish direction. This is evidenced by the Moving Average crossing on days 9 and 21. The Moving Averages are setting up to give a golden cross and further boost the market.

FTSE Key Levels

Resistance Levels: 7790.30, 7570.40
Support Levels: 7404.00, 7248.10

FTSE Long-Term Trend: Bullish

This suggests that FTSE 100 buyers are not yet ready to take a breather. It, therefore, implies that they are hoping for a continued bullish attack. This is further supported by the recent successful breakout above the 7570.40 significant level. It has provided further encouragement for the buyers. This suggests that the bullish attack is not over yet and that the market may continue to rise in the coming days.

Investors should keep an eye on market developments, as the FTSE 100 could continue to climb higher if the bullish momentum persists. Nevertheless, it is important to remain cautious and take profits at regular intervals. The MACD (Moving Average Convergence and Divergence) indicator is not left out of the scene either, as buyers keep going all out.

FTSE 100 Short-Term Trend: Bullish

On the 4-hour chart, the buyers have been on the move following the breakout visible from the Bollinger Band. It also appears that the buyers are still not ready to give in. Technically, the price could take a breather above the 7570.40 key zone before making further gains in the market. Nevertheless, the next target remains the 7649.40 market level.

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