FTSE100 Bears Resume Fall as Buy Strength Cripples

Market Analysis- February 29th

FTSE100 bears resume falling as buy strength cripples. This ongoing battle between the bears and the bulls has created a volatile market environment, with key levels being tested and broken.

The FTSE market has been witnessing a fierce battle between the bears and the bulls as they aim to gain control over key levels. The bears have recently gained a stronger force, aiming to pull the price lower towards the 7593.000 key level. On the other hand, the buyers have been struggling to break through the significant zone at 7753.000, resulting in their being shut out of the market.

FTSE100 Market Levels

Resistance Levels: 7753.000, 7593.000
Support Levels: 7407.000, 7260.000

FTSE100 Long-Term Trend: Bullish

The 7593.000 market level holds great significance for the FTSE index price. It has served as a memory lane for the market, as sellers crushed the price at the start of the year in January. However, the bulls managed to recover their strength and pull the price beyond this key zone after a decline to the 7407.000 significant level. The market also consolidated above the 7593.000 level before the price dived into February. This breakthrough and subsequent retest have made the 7593.000 level a crucial one for traders to watch.

Currently, the bears are aiming to pass through the 7593.000 level once again. A breach through this level will reinforce the notion that sellers remain in control of the market. Traders who are able to identify this market movement can potentially build reasonable gains by utilizing the right forex signals.

FTSE100 Short-Term Trend: Bearish

Several technical indicators are pointing towards a further fall in the FTSE market. The Stochastic Oscillator, a popular momentum indicator, is issuing a price aiming to descend from the overbought side. This indicates that the market is likely to experience a downward movement in the near future. Additionally, the Chainkin money flow, which measures the flow of money into and out of a security, is also declining. This further supports the notion that the market is set to fall more this week.

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