FTSE100 Buyers Await Breakthrough

Market Analysis – December 6th

FTSE100 buyers await breakthroughs. In the current market episode, the buyers are yet to open the floor for another bullish expedition. The buying sentiment has been overshadowed at the moment. Right now, the bulls need to reassert their strength for a serious breakthrough.

FTSE100 Key Levels

Resistance Levels: 7935.300, 7742.700
Support Levels: 7514.300, 7219.400

FTSE100 Long Term Trend: Bullish

The market tendency revolves around buyers attempting to break through the significant level of 7514.300. However, sellers have made attempts to slow down the buyers’ momentum in the past two days. The previous bullish stance has caused a slowdown in the buyers’ response.

The market now awaits a breakthrough or price reversal at the 7514.300 significant level. The momentum indicator on the daily chart lacks strong vigor for a serious spike, as the buyers’ response is currently not encouraging. Once traders provide a stronger reaction, the momentum indicator is likely to pick up pace.

Despite the current challenges, the buyers still hold the upper hand on the daily chart. The index price is currently yet to spring out due to low liquidity drive. As shown on the market, the bulls appears relaxed.

FTSE100 Short Term Trend: Bullish

On the 4-hour chart, there are periods of decisive movement, indicating the potential for significant moves to occur in the near future. Traders on shorter time frames are eagerly anticipating another big move in the market. It will be safe to closely monitor price action so as to identify potential entry and exit points this week.

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