FTSE 100 Is Stuck at Level 7312 as It Reaches an Overbought Region

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 (UKX) has resumed upward move as it reaches an overbought region. Buyers are attempting to push UKX above the 21-day line SMA. The index will rise and retest the overhead resistance at level 7600 if buyers are successful above the moving averages. Meanwhile, on March 11 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that UKX will rise to level 2.0 Fibonacci extension or level 7658.88. From the price action, the index is struggling to break above the moving averages.

FTSE 100 Is Stuck at Level 7312 as It Reaches an Overbought Region
UKX – Daily Chart

Daily Chart Indicators Reading:
The recent uptrend has pushed UKX to level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The 21-day SMA and the 50-day SMA are sloping downward indicating the previous trend.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, UKX is in an uptrend as price breaks above the moving averages. Unfortunately, the uptrend will face rejection as the market reaches the overbought region. Meanwhile, on March 10 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 7403.90

4-hour Chart Indicators Reading
The index 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.

FTSE 100 Is Stuck at Level 7312 as It Reaches an Overbought Region
UKX – 4 Hour Chart

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has resumed its upward move as it reaches an overbought region. The index has reached the overbought region as buyers push on the upside. The index is making a minor retracement for a possible upward move.


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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.