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Market Analysis – September 14
FTSE 100 buyers face resistance at the 7551.00 significant level. After reaching a record high of 7723.00 in early August, the index plunged to a low of 7200.00 in late August. The stock market made up some of its losses in September. However, the buyers are facing strong resistance at the 7551.00 level, which could signal a reversal of the uptrend.
FTSE 100 Market Zones
Resistance Zones: 7938.60, 7551.00
Support Zones: 7369.70, 7053.00
FTSE 100 Long-Term Trend: Bullish
The 7551.00 level has been acting as a key pivot point for the FTSE 100 index since June. It was first tested as a support level in June when the index bounced off it. The price, however, rallied to the 7723.00 key zone in August. The rally was short-lived, as the index failed to break above the previous record high of 7792.00 set in May.
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The index then broke below the 7551.00 level in mid-August, triggering a sell-off that pushed the index to 7200.00 by late August. This was a significant drop of more than 500 pips, or about 6.5%, in less than two weeks.
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The sellers were unable to sustain the downward momentum as they encountered strong support at the 7200.00 price level. The buyers seized this opportunity and initiated a counter-trend rally that lifted the index back to the 7551.00 level.
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However, the buyers are now facing a tough challenge at this level. This is because it has switched from being a support to a resistance. The market has been struggling to break above this level for more than two weeks. This suggests that the buyers are losing strength and that the sellers are regaining control.
FTSE 100 Short-Term Trend: Bullish
The RSI indicator is hovering around the 50 level, suggesting a lack of momentum and direction in the market. The MACD indicator is above its signal line and close to the zero line, indicating a weak bullish bias.
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