FTSE 100 Rebounds above Level 7540, Struggles to Break Level 7600

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) has been trading in the bullish trend zone but struggles to break level 7600. On February 10, the uptrend was terminated at level 7700 resistance zone. The index retraced and found support above the moving averages. This is an indication of a possible upward move. Meanwhile, on February 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 7928.48. From the price action, UKX has reached the high of level 7600.

FTSE 100 Rebounds above Level 7540, Struggles to Break Level 7600
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 55 of the Relative Strength Index for period 14. It is trading 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 bars are between the moving averages. That is, the UKX price is above the 50-day line moving average but below the 21-day line moving average. The implication is that the prices will be fluctuating between the moving average. The index will trend when the moving averages lines are breached.

FTSE 100 Rebounds above Level 7540, Struggles to Break Level 7600
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 60% range of the daily stochastic. The market has resumed bullish momentum.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has resumed its upward move but struggles to break level 7600. The current uptrend is facing resistance at the high of level 7600. The market will rise when the resistance is breached.


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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.