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Market Analysis – September 29
FTSE 100 sellers finally regained their stance again this week. The sellers have successfully recaptured the stock with formidable underlying strength. Now gaining firm footing, it appears that the bearish momentum is set to advance further. A strong sell display seems imminent, especially below the significant 7647.70 level as we begin to traverse to October.
FTSE 100 Important Zones
Resistance Levels: 7819.40, 7647.70
Support Levels: 7390.00, 7231.00
FTSE 100 Long-Term Trend: Bearish
Riding on the last vestiges of September, it’s clear that sellers have been consistently reasserting their stance. The previous week saw buyers expressing their interests, but they failed to make an indelible mark on the headlines. Their strength was effectively quelled above the 7647.70 significant zone, further tipping the scales in favor of sellers.
The bulls started with a promising rush at the onset of the month. Despite their fiery run, it appears as though the market may conclude with a reversal. If the sellers manage to maneuver past the middle level of the Bollinger Band indicator, it’s indicative of a bearish setup materializing. This could then be a precursor to a stronger sell strength being registered on the daily charts.
From a MACD (Moving Average Convergence and Divergence) perspective, the signal strength is veering toward a sell strength. This comes after a steady waning of the bullish histogram. Consequently, a sell-buildup is anticipated in the forthcoming days. Corroborating this, the Relative Volatility Index also paints a picture of a growing bearish strength setup for the stock market.
FTSE 100 Short-Term Trend: Bearish
In the short term, investor pullouts could further exacerbate the sell pressure. As the month inches closer to its end, traders would be well-advised to closely monitor the market buildup.
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