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Market Analysis- October 12
FTSE100 bulls maintain control with eyes on the 7441.00 resistance level. The index is witnessing an enduring bullish momentum that shows no signs of relenting. The buyers are investing with gusto in their pursuit of conquering the formidable 7741.00 market level. It has proven to be a tough nut to crack for some time now. Only in April did the bulls manage to break free, surging to the impressive 7936.60 significant level.
FTSE100 Price Zones
Resistance Zones: 7936.600, 7741.00
Support Zones: 7385.60, 7204.40
FTSE100 Long-Term Trend: Bullish
Last week, we saw the buyers stepping up their game as they initiated their charge from the 7385.60 significant zone. This week, they’ve taken their climb a step further. The bulls are breaching the middle level of the Bollinger Band indicator, a strong indicator of their determination. If this momentum persists, it could set the stage for a significant price breakthrough.
The bullish camp also enjoys a considerable advantage as the Stochastic oscillator reflects their dominant influence this week. This indicator suggests that buyers are firmly in control and are steering the market in their desired direction.
FTSE100 Short-Term Trend: Bullish
However, on the 4-hour chart, we see that the bullish rally has paused for a breather. It is also clear that the buyers are temporarily relinquishing their grip. This respite allows the sell traders to regroup and potentially slow down the bullish momentum in price.
The Stochastic oscillator on the 4-hour chart is currently situated in the overbought region, indicating that the bulls might need to reenergize before continuing their ascent. In the grand scheme of things, though, the bullish momentum remains quite formidable and is keeping the market on an upward trajectory.
Traders are watching to see if the buyers can rekindle their dominance. Or else the sellers will capitalize on this momentary pause. The 7741.00 resistance level remains a key focus, and its breach could set the stage for a significant move.
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