FTSE100 Buyers Seeks a Strong Bullish Purge

Market Analysis – December 20th

FTSE100 buyers seek a strong bullish purge. FTSE100 has been experiencing a relatively stable market with a ranging phase since July. Sellers pushed the price down to the 7218.000 level, but the market has been trading within a range. The key levels have been between 7752.600 and 7218.000 for a few months.

FTSE100 Significant Levels

Resistance Levels: 7752.000, 7932.000
Support Levels: 7570.000, 7128.000

FTSE100 Long-Term Trend – Bullish

Despite the ranging phase, the buyers in the market still have an optimistic outlook and are interested in making further gains. However, there doesn’t appear to be enough enthusiasm from the buyers to cause a breakout above the 7752.600 level.

Currently, the bulls are gradually approaching the 7932.000 significant level. Also, the momentum indicator suggests that bullish momentum is still on the rise. It is more likely that the FTSE100 will see the price move up to the 7752.600 significant level. At this point, there could be a breakout above this level or a potential price reversal. Market traders should look out for how market reactions turn out as the struggle unfolds.

FTSE100 Short-Term Trend – Bullish

Market traders have a lot to decide as the new year approaches. The bulls keep forging forward, but sellers are not losing hope either. If buyers get to increase their tempo this week, it could be an opportunity for a breakout. The momentum indicator is still on the rise, as buyers still have the main advantage as December closes out gradually. 

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