FTSE 100 Recovers Above Level 6800 but Battles Resistance at 7200
Login

FTSE 100 Recovers Above Level 6800 but Battles Resistance at 7200

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 (UKX) price is in a downtrend but battles resistance at 7200. The upward move is hampered because of the overbought condition of UKX. The index has been facing rejection whenever the market reaches above level 7000. On the upside, a price rebound above level 7000 will catapult UKX above the moving averages. Then, the upside momentum will resume. Meanwhile, on February 24 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that UKX will fall to level 2.0 Fibonacci extension or level 6700.21. From the price action, the index has reached the low of $6787 and pulled back.

FTSE 100 Recovers Above Level 6800 but Battles Resistance at 7200
UKX – Daily Chart.

Daily Chart Indicators Reading:
UKX has fallen to level 41 of the Relative Strength Index for period 14. FTSE 100 is still in a downtrend zone and below the centerline 50. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4 hour chart, UKX is also in a downward move as price breaks above the 21-day moving average but failed to break above the 50-day line moving average. Meanwhile, on February 24 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that UKX will fall to level 2.0 Fibonacci extension or level 6708.76.

FTSE 100 Recovers Above Level 6800 but Battles Resistance at 7200
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 70% range of the daily stochastic. It is rising and approaching the overbought region of the market. The uptrend may face rejection at the recent high.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is still in a downward correction but battles resistance at 7200. The bulls have failed to keep the price above the moving averages. The index faces rejection each time it reaches the overbought region above level 7000.


You can purchase crypto coins here: Buy LBlock


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News