Market Analysis – October 31
FTSE100 bulls are regaining control amid a ranging market. The market has been caught in a prolonged-ranging phase, and this trend continues to play out. Recently, the bears made a push, almost reaching the 73220.50 significant zone. This has led to expectations of increased selling pressure last week.
However, the bulls have stepped back into the scene, and the sideways market is now unfolding. The market is therefore still set on an oscillating pattern as traders keep exchanging power.
FTSE100 Price Zones
Resistance Zones: 7697.50, 7900.00
Support Zones: 7322.50, 7218.90
FTSE100 Long-Term Trend: Bullish
With the current momentum from buyers, there’s a chance we could see a resurgence in buying strength. This will potentially push the price back to the 7697.50 significant zone. The Stochastic oscillator, a reliable technical indicator, is signaling that the sellers are losing influence. It is now making way for the buyers to regain control. The daily chart reflects this shift, with buyers gaining strength to push the market forward.
FTSE100 Short-Term Trend: Bullish
This bullish momentum is also evident in shorter timeframes, where the buy side is progressively gaining strength. The price oscillator is now moving in favor of buy orders. The market appears set to continue its sideways movement. For now, the bulls are determined and poised to drive the price back to the 7697.50 significant level. Traders should closely monitor and be prepared for potential trading opportunities with the side-way market unfolding.
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