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Market Analysis – January 10th
FTSE100 may set for more decline as sellers gain momentum. The index appears to be settling for a continued decline as sell traders regain control this week. There has been a notable attempt to sell through the significant level of 7633.900.
If this breakthrough occurs, it could pave the way for sellers to exert further downward pressure on the market. The bullish survival that has been witnessed over the past few months seems to be coming to an end.
FTSE100 Key Levels
Resistance Levels: 7779.200, 7399.300
Support Levels: 7000.000, 7194.500
FTSE100 Long-Term Trend: Bullish
The bulls have fought relentlessly to maintain a solid stance in the market for months. Starting from the significant zone of 7400.000, buyers have been actively pursuing upward momentum. Towards the end of last year, the buyers extended their buying power, reaching the market zone of 7779.200.
However, with sellers hoping to assume dominance, a sell-through breakthrough cannot be ruled out. It is more plausible to see the bearish trend becoming more confirmed in the market. The Relative Strength Index (RSI) on the daily chart reflects the degree of selling pressure currently present.
The sellers are making significant efforts to drive more sell flow in the market. Additionally, the Money Flow Index (MFI) shows that the signal line has dropped below the 40.00 level. This indicates that sellers are gaining more attention, leading to increased bearish strength.
FTSE100 Short-Term Trend – Bearish
In the short-term timeframe, the bears are on their toes, ready to lead a price breakthrough. However, it is important to note that the bulls may still have the potential to regain their flow if they manage to resist the selling pressure.
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