FTSE 100 Breaches Resistance at Level 7400, Targets Level 7763.30

Updated:

Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) is in an uptrend as it targets level 7763.30. The bulls have broken the resistance at level 7400. Buyers have broken the resistance, resisted it, before resuming upward. The current uptrend has reached level 7516.86. Further upsides are possible. Meanwhile, on December 29 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that UKX will rise to level 1.618 Fibonacci extension or level 7624.93.

FTSE 100 Breaches Resistance at Level 7400, Targets Level 7763.30
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX has risen to level 66 of the Relative Strength Index period 14. It indicates that it is in the uptrend zone and capable of a further upward move. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The crypto’s price is above the moving averages which indicate a possible rise.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE 100 is in an uptrend. The index price rebounded to break the resistance at level 7400. Meanwhile, on December 8 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that UKX will rise to level 2.0 Fibonacci extension or level 7763.30.

FTSE 100 Breaches Resistance at Level 7400, Targets Level 7763.30
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The market has reached the overbought region. Sellers are likely to emerge in the overbought region to push prices down. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.


General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in an uptrend as it targets level 7763.30.The index is likely to further rise as it is above the moving averages. The daily stochastic has indicated that the market has reached the overbought region of the market. Presently, it is facing resistance at level 7,550.


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.