FTSE 100 Reaches Bearish Exhaustion as It Holds above Level 7131

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 is in a sideways move as it holds above level 7131. UKX has declined to the low of level 7236 from the high of level 7500. On the downside, as price breaks below the moving average lines, the index will decline to the previous low at level 7131 or 7007.

Daily Chart Indicators Reading:
FTSE 100 is at level 41 of the Relative Strength Index for 14. UKX is in the downtrend zone and it may further decline. The 21-day line SMA and 50-day line SMA are sloping horizontally indicating a sideways trend. The index price is below the moving average lines indicating a further decline in UKX.


FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, UKX is in a downtrend as price breaks below the moving average lines. Buyers has pushed the UKX to the previous high but could not sustain the bullish momentum above the resistance at level 7500. Also, they have retested the resistance at level 7500 twice before plunging below the moving average lines. UKX has fallen to the oversold region of the market.
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4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. It indicates that the market has reached the oversold region of the market. 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 as it holds above level 7131. The selling pressure has reached bearish exhaustion as buyers emerge in the oversold region of the market.

 

 

 

 

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