FTSE 100 Holds above Level 7400, May Resume Upward

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) price is hovering above level 7400 but may resume upward. UKX reached the high of level 7500 which is an overbought region of the market. Today, the index is declining as it faces rejection from  the recent high. On the downside, if the bears break below the 50- day line SMA, UKX price will be compelled to fluctuate between the moving averages. However, if the index retraces and finds support above the moving averages, the uptrend will resume upward. In the meantime, the market is declining above level 7400.

FTSE 100 Holds above Level 7400, May Resume Upward
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 56 of the Relative Strength Index for period 14. The index is now in the uptrend zone and capable of a further upward move. The 21-day SMA and the 50-day SMA are sloping horizontally indicating the sideways move. The UK’s price is above the moving average indicating a possible upward move.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, UKX is in an uptrend as the market reaches the high of level 7500. The current uptrend has reached the overbought region of the market. Meanwhile, on March 11 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement suggests that UKX will rise to level 1.618 Fibonacci extension or level 7486.96. UKX has retested level 1.618 Fibonacci extension and it is declining to the downside.

FTSE 100 Holds above Level 7400, May Resume Upward
UKX – 4 Hour Chart

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.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has rallied to the high of level 7500 but may resume upward. Further upward move is likely as the market reaches the overbought region.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.