FTSE 100 Resumes Selling Pressure after a Retest at Level 7498

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RESULTS

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is in an uptrend but resumes selling pressure after a retest at level 7498. UKX has reached the overbought region of the market. UKX is retracing after rejection from the recent high. The index has fallen above the 21-day line SMA. The selling pressure will continue if price is below the 21-day line SMA. The uptrend will resume if price holds above the 21-day line SMA.

Daily Chart Indicators Reading:
FTSE 100 is at level 55 of the Relative Strength Index for 14. The index is still in the uptrend zone after its recent decline.UKX may continue its upward move as the price bars are above the moving average lines. The moving average lines are sloping upward indicating an uptrend.


FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, UKX is in an upward move as price retests the overhead resistance level. On August 16 and 19, UKX retested the overhead resistance and was repelled. The bears broke below the moving average lines but retested the 50-day line SMA. This is an indication that the market would decline. On  August 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 7265.07.

4-hour Chart Indicators Reading
The index is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. UKX may decline as the price bars are below the moving average lines.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a downtrend but resumes selling pressure after a retest at level 7498. The index has reached the overbought region of the market, hence the downtrend. According to the Fibonacci tool analysis, the market will decline to the low of level 7265

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