Market Analysis- April 4
FTSE100 buyers face heavy blows. The FTSE100 buyers are currently facing a blow as sellers step in, creating a challenging situation for the buyers. Despite their solid attempts in recent weeks, the buyers have failed to breach beyond the key level of 8000.000.
However, they did manage to make a breakthrough at the significant level of 7796.200, showing their resilience in the struggling market.
FTSE100 Key Levels
Resistance Levels: 8045.600, 7796.200
Support Levels: 7587.700, 7457.400
FTSE100 Long-Term Trend: Bullish
The FTSE100 bulls have faced a challenging journey this year, starting with a fall down to the key zone of 7457.000. This level became a testing area where the sell traders finally resisted.
The bulls then made a strong drive from this key level, eventually pushing the price up to the significant level of 8000.000. However, their strength has been exhausted, giving sellers an advantage to play out stronger in the market over the past few days.
The stochastic oscillator shows that the momentum of the price is currently on the overbought side, indicating a potential reversal. Additionally, the signal line on the MACD indicator is trading towards its climax, further suggesting a shift in momentum.
FTSE100 Short-Term Trend: Bearish
As the buyers fail to penetrate the significant level of 8000.000, they are pulling out, allowing the sellers to potentially control the flow for a while. However, it is important to note that the market is dynamic, and trends can change quickly. The buyers may need to retract their decisions to regroup and potentially make another push in the future.
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