FTSE 100 Continues Bullish Run, May Attain Previous High of 7687.27
Azeez Mustapha
Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) price is in an uptrend as it may attain previous high of 7687.27. The market is rising to retest the previous high of level 7687. Presently, UKX has reached the overbought region of the market. There is likelihood a further movement of the index. Meanwhile, on March 11 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 7605.91. From the price action, FTSE 100 is at the point of reaching level 2.0 Fibonacci extension.
Daily Chart Indicators Reading:
UKX is at level 61 of the Relative Strength Index for period 14. The index is now in the uptrend zone and capable of a further upward move. FTSE 100 has enough room to travel to the upside. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.
FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, UKX is in an uptrend but struggles below level 7600. Meanwhile, on March 11 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 7605.91.
4-hour Chart Indicators Reading
UKX is above the 80% range of the daily stochastic. The market has reached the overbought region. The current uptrend may face rejection. UKX price is above the moving averages indicating a possible rise. The market is approaching bullish exhaustion.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has reached the overbought region as it may attain previous high of 7687.27 . Today, the bulls have pushed the index to the high of level 7578.75. Presently, the market is approaching the overbought region.
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