FTSE 100 Regains Bullish Momentum but Struggles below Level 7500

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 struggles below level 7500. The uptrend is facing resistance at level 7500. Since February 24, the index has been fluctuating below the resistance. A break above level 7500 resistance will catapult UKX out of downward correction. Meanwhile, on February 14 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that UKX will fall to level 2.618 Fibonacci extension or level 7214.24. From the price action, the index has reversed and it is struggling to break above the resistance at level 7500.

https://learn2.trade/ftse-100-drops-sharply-as-it-faces-rejection-at-level-7500
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 47 of the Relative Strength Index for period 14. Given the upward correction, UKX is approaching the bullish trend zone. The 21-day SMA and the 50-day SMA are sloping upward indicating the previous uptrend.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4 hour chart, UKX is in a downward move but it is in an upward correction. UKX has broken above the 21-day line moving average. A break above the 50-day line will indicate an upward movement of prices. Meanwhile, on February 14 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement suggests that UKX will fall to level 2.618 Fibonacci extension or level 7214.24.

https://learn2.trade/ftse-100-drops-sharply-as-it-faces-rejection-at-level-7500
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 70% range of the daily stochastic. The market has resumed bullish momentum. It is approaching the overbought region of the market. The price bars are between the moving averages.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is now in an upward move but struggles below level 7500. The uptrend is hindered at level 7500. The uptrend will resume when price breaks above the resistance or the moving averages.

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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.