FTSE100 Bulls Tick Higher as They Press for More Highs

Market Analysis – January 31st

FTSE100 bulls tick higher as they press for more highs. The FTSE100 bulls are showing strength as they continue to push for more highs in the market. The buyers are getting closer to reaching the old pinnacle once again. This week, the bulls have weathered a difficult storm and breached beyond the significant level of 7630.300.

FTSE100 Important Zones

Resistance Zones: 7769.500, 7630.300 
Support Zones: 7398.400, 7245.000

FTSE100 Long-Term Trend: Bullish

Earlier this January, the FTSE100 price experienced a strong sell trend. However, the bulls kept their strength in reserve, waiting for the perfect opportunity to strike. The index price then had a significant decline, reaching the 7398.400 level. As the selling pace slowed down, the buyers came into view and have been growing significantly.
 
Traders who have access to the best forex signals are likely to maximize their profits at this point. Just this week, the buyers have spread their wings and achieved a breakthrough above the 7630.300 significant level. However, traders need to pay attention to the Stochastic Oscillator. While the bulls may not be fully out of the picture, their momentum is bound to slow down. Additionally, the market remains overbought in this short time frame. This indicates that the bullish momentum is slowing down in this instance.

FTSE100 Short-Term Trend: Bullish 

It may take some time for the buyers to regain their strength and bounce back again. The current bullish momentum is showing signs of slowing down. Traders should be cautious and prepared for potential changes in the market.

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