FTSE 100 Sees Sellers Step Out As Buyers Approach

Market Analysis: August 23rd

FTSE 100 sees sellers step out as buyers approach. The price is witnessing sellers step out of the race. This, therefore, is allowing buyers to make their way back into the market. The Bulls are showcasing their strength as they aim to reenter the game.

Technically, the key level of 7226.10 has remained unbroken for a considerable period. From this level, the bulls led the price up to a significant level of 7925.80. However, sellers gained dominance and pushed the market lower. In July, buyers regained control around the marked level below 7226.10.

FTSE 100:Key Levels

Resistance Levels: 7925.80, 7717.60
Support Levels: 7407.60, 7226.10

FTSE Long-Term Trend: Bullish

In August, buyers once again established a bottom near the 7226.10 level, indicating their intent to rise. As traders settle in, the bulls may attempt to reclaim their position. The Stochastic Oscillator indicates that buyers are building strength in the market. The MACD (Moving Average Convergence Divergence) is close to signaling the departure of the bears.

Traders should remain observant as sellers step out of the game. The Parabolic SAR indicator has yet to change direction as buyers make headway. On the daily chart, buyers should prepare for a bullish ride as the price trades above the significant level of 7407.60.

FTSE 100 Short-Term Trend: Bullish

Buyers are currently pushing for a breakthrough in the market. The Parabolic SAR indicator indicates a reversal in price as buyers take over. Traders should keep an eye out for a bullish trend as the trade progresses.

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