FTSE100 Sustains Modest Gains as Bulls Still Prevail

Market Analysis – October 22

FTSE100 sustains modest gains as bulls still prevail. The market has been enjoying a period of bullish momentum, maintaining its steady climb. However, with the critical 7740.40 key level looming ahead, a potential reversal is also a point of concern for buyers this week.

FTSE100 Market Zones

Resistance Zones: 7740.40, 7948.50
Support Zones: 7370.80, 7227.20

FTSE100 Long-Term Trends: Bullish

Over recent weeks, the bulls have made their presence felt in the FTSE100 price movements. They have demonstrated their determination and resilience. This bullish upswing was initiated when buy traders successfully shrugged off the efforts of sellers around the 7370.80 significant level in early October. The market’s focus has now shifted toward the pivotal 7740.40 key level, which has so far proven impenetrable to the seller’s efforts.

As the market reaches this critical juncture, traders should exercise patience and remain steadfast in their decision-making. The outcome hinges on whether the market will broaden its horizons and surge beyond this key level. The sellers may also stage a reversal, leading to a shift in market sentiment.

On the daily chart, the MACD (Moving Average Convergence and Divergence) indicator paints a picture of gradually ascending bullish momentum. It shows that buyers are still holding sway. Meanwhile, the Money Flow Index suggests that the direction of the price remains aligned with the buyers, emphasizing their continued strength

FTSE100 Short-Term Trends: Bullish

Examining the 4-hour time frame, it becomes evident that the bulls are gradually edging closer to the formidable 7740.40 key zone. Traders should be prepared for either a further bullish surge or the potential of a price reversal within this significant zone.

 

You can purchase Lucky Block here.  Buy LBLOCK

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.