FTSE100 Bears Ride the Boat as Buyers Apply Effort

Market Analysis – January 24th

FTSE100 bears ride the boat as buyers apply effort. The FTSE100 has provided a compelling drama in the first weeks of 2024. The bears are taking control and pushing the price lower for an extended period.

The FTSE price aligned with the bearish trend early in the year as buyers failed to make progress. In the preceding months, the bulls put up a strong fight that lasted for quite some time.

The buyers fought through struggle, pulling the price up from the significant level of 7407.900. They managed to supply enough strength to reach the key level of 7772.700. However, a bearish surge entered the scene this month.

FTSE100 Market Zones

Resistance Zones: 7772.700, 7630.300
Support Zones: 7407.900,7208.300

FTSE100 Long-Term Trend: Bearish 

In the current week, the buyers have been acting out, building momentum that is likely to push the price close to the significant level of 7630.300. The Stochastic Oscillator, a momentum indicator, has picked up strength as buyers have been active this week.

The price volatility is still expanding, indicating a high level of volatility in the market. The current trigger from the bulls is expected to be sustained for a while, allowing the FTSE100 to continue pushing forward in the market.

FTSE100 Short-Term Trend: Bullish

In this short time frame, the bulls are also on the rise. Market volatility is increasing as buyers take charge. This suggests that there may be more price fluctuations and opportunities for traders to capitalize on.

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