FTSE 100 Pushes on the Upside, Faces Rejection at Level 7600

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) is in an uptrend as it faces rejection at level 7600. The index has reached the high of $7,615 and pulled back. The uptrend has continued on the upside. Meanwhile, on December 8 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 7751.71. The market is rising and approaching the Fibonacci extension.

Daily Chart Indicators Reading:
UKX has risen to level 62 of the Relative Strength Index period 14. The index is in an uptrend zone and capable of a further upward move.UKX has a bullish crossover. That is, the 21-day SMA crosses over the 50-day SMA indicating a buy order. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The index’s price is still above the moving averages which indicates a possible rise.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, UKX is in an uptrend. The uptrend is making a series of higher highs and higher lows. The price action is characterized by small body candlesticks called Doji. The index is yet to break the resistance at 7600 convincingly.

4-hour Chart Indicators Reading
UKX is above the 50% range of the daily stochastic. The index is in a bullish momentum. A bullish trend is drawn showing the support levels of prices. The uptrend is ongoing if price remains above the moving averages or the trend line. However, the uptrend will be terminated if price breaks below the moving averages or the trend line.


General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) uptrend is ongoing but faces rejection at level 7600. The index price has earlier made a series of higher highs and higher lows. The uptrend may have reached bullish exhaustion.


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