FTSE 100 Faces Rejection at Level 7500, Selling Pressure Is Likely

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 (UKX) is in a downtrend but it implies that the selling pressure is likely. Presently, UKX is above the 50-day SMA but below the 21-day SMA. This implies that the index is likely to be range-bound between the moving averages. UKX has recovered from the downtrend but buyers are finding it difficult to break above level 7500. A breakout above level 7500 will keep the index above the moving averages. UKX will be in the bullish trend zone. The index prices will rise to retest the overhead resistance.

Daily Chart Indicators Reading:
UKX is at level 52 of the Relative Strength Index for period 14. The index is in an uptrend zone and capable of a further upward move. . The index’s price is between the moving averages which indicates a possible range bound 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 trading below the moving averages. The upward move has been hindered at level 7500. The index price is falling after retesting the resistance at level 7500. The index has retraced to level 7469, UKX is likely to resume upward.

4-hour Chart Indicators Reading
The index is above the 50% range of the daily stochastic. The index is in a bullish momentum. The bullish momentum has not been steady.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX)is facing another rejection which means the selling pressure is likely . Later, the UKX price corrected upward but the upward correction is facing resistance at 7500. The implication is that the bears intend to push prices downward,



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