The FTSE index has been trying to break crucial resistance levels recently. But, according to market data and charts, the index has room to grow further in the coming weeks.
The FTSE 100
Despite the FTSE index’s recent gains, many market analysts believe it has room to grow further in the coming weeks. The index is expected to continue to be influenced by positive economic indicators and investor sentiment, and many investors are optimistic about the future of the UK market.
In addition, the UK economy has been performing well in recent months, with the country’s GDP growing steadily and the job market improving. This growth has added to investors’ positive sentiment and contributed to the FTSE’s recent gains. Furthermore, the recent events surrounding the reopening of the Chinese economy have boosted investor confidence and increased the index’s points.
Market Analysis: Breaking Key Resistance Levels
The FTSE index has been trading near key resistance levels for several weeks, and many market analysts believe it can break through these levels and reach new highs. This positivity is because the index has been driven by positive economic indicators and investor sentiment, boosted by the recent reopening of the UK economy.
As a result, many investors are optimistic about the future of the UK market and are buying shares in listed companies. According to recent market data and charts, the FTSE 100 is trying to break a crucial resistance level.
The index has been up 62% in the last 60 days and 18% from October 2022. This recent upward trend has generated anticipation among market participants, and many are now closely monitoring the FTSE’s performance in the coming weeks.
As of Wednesday, 90% of the FTSE 100 was above their 100 DMA, representing a drop from 92% compared to last week. However, despite this decline, the FTSE’s performance has been strong. As a result, many experts believe the index has room to grow further in the coming weeks.
Technical analysis suggests that if the FTSE can break through its current resistance level, represented by the highs in 2028 at 7806, it could reach the 8300 level of 2003. However, it’s important to note that breaking through resistance levels is a challenging feat. The market can be unpredictable and can change rapidly.
The current market sentiment shows that despite the bullish trend in the series of resistance zones, the negative fluctuations and differences suggest some fatigue in the bull run. This fatigue can be seen in the strong support for the January lows of 7706, which is considered a potential downside. However, stronger support is seen at the November high of 7602.