FTSE 100 Revisits the Overbought Region as It Approaches the High of 7423.42

Azeez Mustapha



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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 is in a sideways trend as it approaches the high of 7423.42. The index price has broken above the moving average lines. Buyers  intend to push UKX to retest the overhead resistance at level 7600. Since January 2022, FTSE 100 has been in a sideways trend. Buyers have failed to break above the overhead resistance at level 7600. Today, UKX is trading at level 7423.42 at the time of writing.

FTSE 100 Revisits the Overbought Region as It Approaches the High of 7423.42
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 61 of the Relative Strength Index for 14. It indicates that the index is in the bullish trend zone and may further rise. The 21-day SMA and 50-day SMA are sloping horizontally indicating a sideways trend. UK’s price bars are above the moving average lines indicating a further upward movement of the coin.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, UKX is in an upward move as price breaks above the moving average lines. The uptrend has risen to the overbought region of the market. The current trend may face rejection at the high of level 7600.

FTSE 100 Revisits the Overbought Region as It Approaches the High of 7423.42
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. It indicates that the market has reached the overbought region. The current trend has reached bullish exhaustion. Sellers are likely to emerge in the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in an uptrend as it approaches the high of 7423.42. The overhead resistance at level 7600 has not been broken since January.

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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.

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