FTSE 100 Continues Bullish Run, Targets Level 7700

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RESULTS

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) has continued its upward move as it targets level 7700. The index price has continued to make a series of higher highs and higher lows. 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 7729.40.

Daily Chart Indicators Reading:
UKX has risen to level 64 of the Relative Strength Index period 14. The index is in an uptrend zone and capable of a further upward move. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The index’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 uptrend is making a series of higher highs and higher lows. The current uptrend is facing rejection at the level 7600 resistance zone. A bullish trends line has been drawn showing the support levels of prices.

4-hour Chart Indicators Reading
UKX 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) has been consistent in its upward move as it targets level 7700. Presently, it is facing rejection at the level 7600 resistance zone. The uptrend will resume when the resistance at level 7600 is breached.



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