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Market Analysis- October 5
FTSE100 sell traders maintain their grip as bearish pressure unfolds. As the week unfolds, it becomes increasingly evident that sellers in the FTSE market are far from relenting in their efforts. The recent developments have only served to reinforce the prevailing bearish sentiment. This, however, hints at potential further declines soon.
FTSE100 Market Zones
Resistance Zones: 7928.80, 7740.30
Support Levels: 7490.80, 7241.30
FTSE100 Long-Term Trend: Bearish
The sellers have regrouped and solidified their position, reclaiming dominance after a brief struggle with buyers in the previous week. At that time, price action had teased the 7928.80 significant point, raising hopes among buyers. However, the market dynamics soon shifted as buyers found themselves unable to muster enough strength to propel the price higher. The FTSE price swiftly underwent a downturn, with sellers taking the reins and breaking through the critical 7490.80 level.
With the momentum now firmly in the hands of sellers, there is a growing possibility of witnessing price action descend toward the 7241.30 significant zone. The Moving Average Crossing indicator underscores the prevailing bearish sentiment. The average lines are veering lower in alignment with the downtrend format.
FTSE100 Short-Term Trend: Bearish
On the FTSE100 4-hour chart, it becomes evident that the sell traders are intensifying their efforts. Their clear trajectory is pointing towards the 7241.30 significant zone. As the week unfolds, it appears increasingly likely that the momentum will continue to favor the selling side. This will potentially extend the bearish drive.
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