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Market Analysis – February 9th
FTSE100 buying force slows down as buyers need to regroup and recover before making their next move. The FTSE100 has witnessed a market twist that has favored both traders for several months. Even in a ranging market, the index price has maintained strong liquidity.
As the year 2033 came to a close, the buyers responded positively. They put up a serious struggle and managed to break through the significant level of 7405.000. This breakthrough propelled the buyers to appreciate the price further. With ample liquidity present, the bulls pulled the price up to the significant zone of 7767.00.
FTSE100 Key Zones
Resistance Levels: 7767.800,
Support Levels: 7405.900, 7252.500
FTSE100 Long-Term Trend: Bullish
However, as we entered 2024, the sellers took action and initiated a strong reversal. They managed to purge the market and push the price back down to the 7405.400 price zone. Following this reversal, the buyers have once again picked up momentum and embarked on another ride. The bulls have been gaining strength as they push beyond the significant level of 7598.000.
Despite the current pullback in the market, the buyers are expected to regain their footing and resume their upward momentum. Traders can utilize the best forex signals, which provide valuable insights and potentially increase profitability. These signals can help traders navigate the market and make informed trading decisions.
FTSE100 Short-Term Trend: Bullish
The Money Flow Index (MFI) is an indicator that measures the flow of money into or out of a security. When the MFI reaches its peak, it suggests that buying or selling pressure is at its highest. In the current scenario, the decline in the MFI indicates that sellers are currently in control. However, it is important to note that market dynamics can change, and the bulls are likely to bounce back stronger.
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