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 price breaks above the moving averages but unable to break recent high. The uptrend is facing resistance at level 7600. The index is falling because of the rejection at the recent high. Besides, the daily stochastic is indicating that the index has reached an overbought region. However, the uptrend will resume when price breaks above level 7600. Nevertheless, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that UKX will rise to level 2.0 Fibonacci extension or level 7912.02.
Daily Chart Indicators Reading:
UKX is at level 56 of the Relative Strength Index for period 14. UKX is in an uptrend zone and capable of a further upward move. The index’s price are above the moving averages which indicates a possible upward move. 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 it is falling after rejection at level 7600. The index will resume upward if it retraces to the support above the moving averages. Nonetheless, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that UKX will rise to level 2.0 Fibonacci extension or level 7894.40.
4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The index is in a bearish momentum. as it has reached the overbought region.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is on an uptrend but unable to break recent high. Buyers have failed to keep UKX’s price above level 7600. According to the Fibonacci tool, further upsides are possible. That is, UKX will rise to level 2.0 Fibonacci extension or level 7894.40
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