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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) is in a downward move after January 24 price slump but resumes uptrend. On January 24, the index dropped sharply to the low of level 7300 as bulls bought the dips. Today, the index has risen to level 7643.41. The bullish momentum has broken above the moving averages. As long as the price bars are above the moving averages, the market will continue to rise to the upside.
Daily Chart Indicators Reading:
The index is at level 56 of the Relative Strength Index for period 14. UKX is in the bullish trend zone and is capable of rising to the upside. The index price bars are above the moving averages which ensure the continuous 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 as price breaks above the moving averages. The uptrend has been sustained as price bars remained above the moving averages.
4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The stochastic bands are sloping below and above the 80% range of the price indicator.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has regained bullish momentum as it resumes uptrend. The index is likely to make a minor pullback as it trades in the overbought region.
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