FTSE 100 Resumes a Sideways Move but Faces Rejection at Level 7000

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 is in an upward correction but faces rejection at level 7000. The upward move is facing rejection at the 21-day line SMA or the resistance at level 7000.UKX could have resumed an uptrend if buyers have broken the resistance at level 7000. UKX price is making a series of lower highs and lower lows patterns. The selling pressure will terminate once price pattern is interrupted. Meanwhile, the 6800 support has been held since September 29. According to the Fibonacci analysis, UKX will decline but reverse at level 1.272 Fibonacci extension or level 6644.81.

FTSE 100 Resumes a Sideways Move but Faces Rejection at Level 7000
UKX – Daily Chart

Daily Chart Indicators Reading:
The upward correction has pushed UKX to level 42 of the Relative Strength Index for period 14. The index price has failed to break above the 21-day line SMA. This implies that FTSE 100 may further decline as price bars remain below the moving average lines.


FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, UKX is in an upward correction as price breaks above the moving average lines. The upward move is repelled at level 7000 resistance level. Since September 26, buyers have retested the resistance level on four occasions to break it. UKX may further decline from the recent high.

FTSE 100 Resumes a Sideways Move but Faces Rejection at Level 7000
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is in a bearish momentum below the 80% range of the daily Stochastic. The moving average lines are sloping downward indicating the downtrend. The price bars are between the moving average lines indicating a possible range-bound move of the index.

General Outlook for FTSE 100 (UKX)
Since September 29, FTSE 100 has been trading above level 6800 support but faces rejection at level 7000. The current support is the historical price level of March 2022. Sellers have retested the current support twice but failed to break it.

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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.