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Market Analysis – December 13th
FTSE100 bulls and bears continue to battle for dominance. The FTSE100 has become a battleground for the bulls and bears, as both sides claim temporary victories in their struggle for dominance. The week started with the FTSE100 opening in the 7585.000.l key zone.
Initially, it experienced a dip below the crucial 7500.000 market zone level, testing the confluence zone of the 200-day moving average. However, the index showed resilience as it managed to recover and close above 7600. 000 key zone on both Tuesday and Wednesday. This signals a potential shift in momentum.
FTSE100 Key Levels
Resistance Levels:7946.000, 7749.800
Support Levels: 7600.000, 7253.500
FTSE100 Long-Term Trend: Bullish
The 200-day moving average remains flat, indicating a state of market indecision. This suggests that neither the bulls nor the bears have a clear advantage at the moment. Traders should closely monitor any potential breakouts or breakdowns from this key moving average. This could provide valuable insights into the future direction of the market.
The RSI, a widely used momentum indicator, dipped below the 50 mark on Monday, signaling an oversold condition. However, it has since recovered to 52, indicating a potential bounceback for the market. This implies that buyers may be regaining strength, which could potentially drive the market higher.
FTSE100 Short-Term Trend: Bullish
Despite the ongoing battle between the bulls and bears, the bulls have been struggling to maintain their confidence and make a serious resurgence. Currently, they are lacking sufficient volume to make a decisive move this week. The buyers still look forward to a breakthrough.
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