FTSE 100 Sellers Are Playing Out on a Bearish Rally

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FTSE Analysis – Sellers Are Ready to Descend Below the 7696.440 Key Level

FTSE 100 sellers are playing out a bearish rally. It has been a roller-coaster ride for FTSE 100 sellers in the past few weeks as they have been aggressively attempting to push the market into a bullish rally. After the buyers lost their battle close to the 7972.990 significant level last month, the sellers seized their chance to change the tide of the market. Since the start of May 2023, the market has been in the grip of bearish activity, even though the overall trend is still considered bullish. At present, the bears are attempting to break through the significant level of 7696.440.

FTSE Key Levels

Resistance Levels: 7972.990, 7696.440
Support Levels: 7434.190, 6718.970

Long-Term Trend – Bullish

This could be a sign of further selling pressure in the coming days. To prepare, traders need to be more vigilant than ever as they try to anticipate the next move in the market. The expectation is that the market will continue its bearish trend, resulting in a rebound from the various significant levels that it has breached.

However, this does not mean that traders should completely abandon the idea of a bullish rally. Despite the current bearish activity, the higher low that was created at the 7434.190 significant level suggests that there is still potential for a bullish recovery. Many of the technical indicators are also pointing to a possible rebound in the market, so traders should not discount the possibility of a rally altogether.

Short-Term Trend – Bearish

A view from a short time frame shows the current situation. The sellers are now seeking to breach the 7696.440 significant level. The Moving Average Crossing indicator still presents opportunities for a bearish rally. The Stochastic Oscillator continues to respond to the current market situation as traders are set to breach the 7696.440 market level.

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