FTSE 100 Holds above Current Support but Risks Decline to 6893.88

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RESULTS

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 is in a sideways trend but risks decline to 6893.88.
Presently, the index has declined to the previous low at level 7007.09. Sellers are attempting to break the previous low at level 7007.09. UKX will further decline to level 6787.98 if the current support is breached. The uptrend will resume if the current support holds. Meanwhile, FTSE 100 has fallen to the low of level 7081.50 at the time of writing.

Daily Chart Indicators Reading:
FTSE 100 is at level 32 of the Relative Strength Index for 14. It is in the downtrend zone as it approaches the oversold region of the market. The 21-day line SMA and 50-day line SMA are sloping horizontally indicating a sideways trend.


FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, UKX is in a downtrend as it retested the overhead resistance at level 7500. The rejection caused UKX to resume selling pressure to the downside. Meanwhile, on September 1 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that UKX will decline to level 1.618 Fibonacci extension or level 6893.88.

4-hour Chart Indicators Reading
UKX is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region . Sellers will be attracted to the overbought region to push prices down. The 21-day line and 50-day line SMAs are sloping downward indicating the downtrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a downtrend but risks decline to 6893.88
. According to the Fibonacci tool, UKX will further decline to the low of level 6893.88.

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