FTSE100 Trades Towards a Crossroad for Breakout
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FTSE100 Trades Towards a Crossroad for Breakout

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Azeez Mustapha

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Market Analysis- March 19th

FTSE100 trades towards a crossroad for breakout. This week, the buyers have demonstrated a measure of strength, starting from the key level of 7609.000. Prior to this surge, the index price had been consolidating on neutral ground. However, the bulls made a move with a bullish candlestick, propelling the price up to the significant level of 7789.000. The immediate intention for the buyers is to exert stronger pressure to breach this level.

FTSE100 Price Zones

Resistance Zones: 7789.000, 7609.000
Support Zones: 7377.000, 7256.000

FTSE100 Trades Towards a Crossroad for Breakout

FTSE100 Long-Term Trend: Bullish

If the buyers fail to break through the 7789.000 level, the sellers may seize the opportunity to push the price lower. A strong attack from the sellers could cause the price to drop below the key level of 7789.000. Traders should be prepared for both scenarios and closely monitor the price action for any signs of a breakout or reversal.

On the daily chart, the momentum indicator, specifically the Chainkin oscillator, has signaled a spike of up to 200k. This suggests strong bullish momentum. However, traders should exercise caution, as this spike could potentially flip lower during the week. The stochastic oscillator, another important indicator, may also open the door for sell traders to enter the market soon.

In this short time frame, it appears that the buyers may be reaching their limit. Finding an escape at the moment might seem impossible. The stochastic oscillator still indicates an overbought condition, further supporting the idea that a pullback or reversal may be imminent. Traders should closely monitor the price action and consider forex signals for potential entry opportunities.

FTSE100 Trades Towards a Crossroad for Breakout

FTSE100 Short-Term Trend: Bullish

The buyers have shown strength, pushing the price higher. However, they must exert even stronger pressure to breach the significant level of 7789.000. On the other hand, the sellers may take advantage of the opportunity to push the price lower if the breakout fails to materialize. Traders should closely monitor momentum indicators and the stochastic oscillator for potential shifts in market dynamics.

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