Market Analysis – November 11
FTSE100 buyers show resilience near the 7382.500 key level. The market is displaying remarkable resilience as it battles against further decline.
Buyers are steadfastly working to regain control after a strong fight. Last week, they managed to push the price up to the significant level of 7489.300. However, this level has proven to be a sturdy fortress for the bulls. Rejections began at the start of November, but above the critical 7382.500 level, buyers are showing renewed interest. They are now prepared to make another move this week against sell moments.
FTSE100 Key Levels
Resistance Levels: 7739.400, 7629.600
Support Levels: 7489.300, 7382.500
FTSE100 Long-Term Trend: Bullish
The Parabolic SAR (Stop and Reverse) indicator is already responding. The dotting trend is indicating a fight against the prevailing selling pressure. The Momentum indicator is yet to reflect significant bullish movement, explaining the ongoing struggle. Should a spike in the momentum indicator be observed, it would signal the resurgence of the bulls.
FTSE100 Short-Term Trend: Bullish
On the 4-hour chart, buyers are still working to establish a stronger presence. The behavior of the momentum indicator reflects their motion. The signal line hovering around the 0.00 level suggests that the buyers need a catalyst. The buy traders may need to adjust their input before they can see a difference in their game. The market, however, still presents an opportunity for buyers to pose a solid challenge to the sales drive.
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