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.
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.
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.
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
- Min Deposit
- Score
- Visit Broker
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Award-winning Cryptocurrency trading platform
- 14 Cryptoassets available to invest in
- FCA & Cysec regulated
Highly volatile unregulated investment products. No EU investor protection.
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
