Market Analysis – December 27th
FTSE100 buyers are eyeing a breakout as bullish momentum builds. The FTSE100 index has been experiencing an aggressive bullish streak as buyers aim to reach a significant level of 7800.00. Despite facing strong opposition from sellers for several months, the buyers have remained focused and determined. It will be intriguing to see if they can maintain their focus and achieve a breakthrough in the near future.
FTSE100 Market Analysis
Resistance Levels: 7752.60, 7932.00
Support Levels: 7487.80, 7218.00
Examining the price structure of the FTSE100 over the past few months, it is evident that the market has been ranging. Market participants have demonstrated resilience despite being confined within the 7800.00 and 7200.00 price zones. Since July, both buyers and sellers have been locked in a battle, with limited opportunities for a breakout.
However, with the current bullish momentum, buyers may be preparing to go on the offensive and lead a breakout. If successful, 2024 could present an opportunity for further bullish flow in the FTSE100 market. This outcome relies heavily on the buyers’ ability to maintain their focus and sustain the upward pressure.
Market Expectation
On the other hand, if the market takes a different turn, it would signify a potential sell opportunity, leading to an extension of the ranging phase. In such a scenario, traders should exercise caution and carefully observe the price action before making any significant moves. Right now, the buyers are showing their aggressive side hoping to push further again.
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