Market Analysis – January 17th
FTSE100 plummets as sellers show a stronger response. The bears have emerged as the dominant force, pulling the price lower. This week, the index price has exhibited strong volatility, with buyers pulling out of the market. Just last week, there was a struggle between market traders, with the bulls fixating on a breakthrough beyond the significant level of 8000.00. However, the market eventually yielded a strong bearish reversal.
Market Key Zones
Resistance Zones: 7946.800, 7758.500
Support Zones: 7395.000, 7208.300
FTSE100 Long-Term Trend: Bearish
The FTSE100 index has been subject to high levels of volatility in recent weeks, with the market experiencing significant price swings. This week, sellers have shown a stronger response, causing the index price to plummet. The bears have emerged as the dominant side, exerting downward pressure on the market.
Last week, there was a fierce battle between the bulls and the bears. The bulls were determined to break through the significant level of 8000.00, which would have signaled a bullish trend. However, the market ultimately succumbed to a bearish reversal, with sellers overpowering the buyers.
Buyers initially made a massive pull from the 7395.00 price level, attempting to push the market higher. However, the sellers quickly responded, trying to regain control and force the buyers to retreat. Despite the seller’s efforts, the buy momentum continued to grow progressively. The buyers managed to stage an upswing, coming close to the significant zone of 7758.50 before the price reversed once again.
FTSE100 Short-Term Trend: Bearish
Based on the current market setup, it is expected that January will remain bearish for the FTSE100. The index is still in a bearish plight, with buyers remaining relatively silent. The Stochastic Oscillator, a momentum indicator, is currently positioned in the sell region, further supporting the dominance of sellers in the market.
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