Market Analysis – November 23
FTSE100 bears gain the upper hand as buyers lose out again. This is, however, due to a bullish loss of momentum. This week, the FTSE100 market faced a shift in momentum as sellers took control from buyers. Despite efforts from buyers to push forward, the lack of momentum led to a significant decline. Bulls hit their highest point at 7744.500 in June, while bears reached a low of 7123.300 during the same period.
FTSE100 Key Levels
Resistance Zones: 7940.000, 7744.500
Support Zones: 7532.000, 7213.300
FTSE100 Long-Term Trend: Bullish
Presently, the FTSE100 is under the influence of sellers due to a low impulse. Buyers have shown weakness and conservatism in their movements this week, contributing to market losses. The key challenge for buyers now is to surpass the 7532.000 significant level. Failure will result in more sell-off breakdowns, which the index price is currently experiencing. By building stronger influence over sellers, we could see a stronger purge.
FTSE100 Short-Term Trend: Bearish
Despite losing momentum, buyers haven’t conceded entirely. The struggle continues, and a breakthrough might occur, potentially leading to a bullish rebound this week. The market’s overall direction remains upward, aligned with the Parabolic SAR. This indicates no signs of a reversal.
Additionally, the Moving Average crossing of days 9 and 21 supports a bullish price tendency. Buy traders should be more alert, despite sellers being lower. If sellers continue to play their game, we could see the price display drop to 7364.000, a significant level.
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