FTSE Bulls Continue to Channel Their Strength Up North

FTSE bulls continue to channel their strength up north. This month, the bulls have been dominant. Therefore, the likelihood of the bullish trend persisting into the next month is high. This week, the market level of 7393.00 has been surpassed due to a bullish expansion.

Resistance Levels: 7986.90, 7717.60

Support Levels: 7393.30, 7215.60

In early July, buyers changed the market narrative as the price was initially trending downward. Following profit-taking by sellers around the market level of 7215.60, buyers made gains and closed at the 7717.60 zone. However, sellers then pushed the price back down to the 7215.60 level. On the daily chart, buyers are currently gaining strength, breaking through the middle level of the Bollinger Bands indicator. This signifies an increase in buying pressure and potential bullish momentum.

As demand continues to rise, the FTSE bulls may maintain dominance in the market in the coming weeks. It suggests that the level of 7592.30 will likely be breached in the days ahead. The MACD (Moving Average Convergence and divergence) indicator indicates a signal cross below 0.00, implying that more buyers can enter the market. Additionally, the bullish histogram of the MACD is increasing, and the Chaikin Money Flow indicator is responding to the bullish pace.

On a shorter timeframe, the bulls are still maintaining their momentum. Therefore, further bullish tendencies are expected in the FTSE market in the days to come.

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