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Market Analysis – February 24th
FTSE100 bears take another dive. In recent weeks, the index market has been facing significant losses, causing concern among investors and traders. The bears, quick to respond, have been actively driving the selling action, leading to a decline in the market.
FTSE100 Important Levels
Resistance Levels: 7934.000, 7740.600
Support Levels: 7381.000, 7248.000
FTSE100 Long-Term Trend: Bearish
One of the notable events in the FTSE100 market this week was the battle at the 7740.000 key level. This level was seen as a fortress, a point where the buyers were expected to defend their positions. However, to the disappointment of the bulls, the buyers accepted defeat, and the bears gained the upper hand. This breach of the key level marked a significant shift in market dynamics and set the stage for further selling pressure.
Prior to the recent decline, the FTSE100 experienced a reasonable bullish upswing. The bulls took advantage of every opportunity to drive the market higher, resulting in a solid rally.
However, the tempo has now slowed down, providing an entry point for sellers once again. Traders must be vigilant and look for opportunities to enter the market strategically. To maximize profits, it is crucial to rely on the best forex signals available. The daily chart of the FTSE100 reflects a dash of bullish hope.
FTSE100 Short-Term Trend: Bearish
The Relative Strength Index (RSI), a widely used technical indicator, has switched positions, indicating a potential bearish plunge. If the index price continues to experience more losses, it will signal a stronger bearish trend. While the moment hasn’t fully picked up yet, sellers are gearing up for further downward movement. As of now, the bears hold more strength compared to the buyers in the FTSE100.
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