FTSE 100 Reaches the Overbought Region but It Is Stuck at 7520

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is in an uptrend but it is stuck at 7520. On August 11, the index declined to the low of 7460 and resumed upward. Today, the bulls are struggling to break the recent high. A beak above the $7,520 high will catapult the index to the high of level 7600. Nonetheless, the index risks a downward move if the bulls fail to break recent highs. A break below the moving average lines will accelerate the selling pressure. The index will further decline to the low of 7007.09.

FTSE 100 Reaches the Overbought Region but It Is Stuck at 7520
UKX – Daily Chart

Daily Chart Indicators Reading:
FTSE 100 is at level 61 of the Relative Strength Index for 14. It indicates that the index is in the bullish trend zone and may further rise. The moving average lines are sloping horizontally indicating a sideways trend. The index price bars are above the moving average lines indicating a further upward movement of the index.


FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, UKX is in an uptrend as the market reaches the high of 7500. The index price is making a series of higher highs and higher lows.

FTSE 100 Reaches the Overbought Region but It Is Stuck at 7520
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 40%range of the daily stochastic. It indicates that the market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in an uptrend but it is stuck at 7520. The current uptrend has been repelled at the 7520 resistance level


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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.