FTSE 100 Slumps to Level 7550 as It Faces Further Rejection

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) price is in an uptrend as it faces further rejection. The uptrend was stuck at level 7700 resistance zone. The index is retracing from the recent high. Meanwhile, on March 29 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that UKX will rise but reverse at level 1.272 Fibonacci extension or level 7720.79. From the price action, the market is retracing after retesting the 1.272 Fibonacci extensions.

FTSE 100 Slumps to Level 7550 as It Faces Further Rejection
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 49 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. UKX has a bullish crossover. That is the 21-day line SMA crosses above the 50-day line SMA indicating a buy order. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, UKX is in a smooth uptrend. The index rose to the high of level 7669 but was repelled. It retraced below the 21-day line SMA but above the 50-day line SMA. The index is likely to resume a range-bound move between the moving averages. Besides, the price action is characterized by small body candlesticks.

FTSE 100 Slumps to Level 7550 as It Faces Further Rejection
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is above the 25% range of the daily stochastic. The index has resumed bullish momentum. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The index price is between the moving averages.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is still trading above the moving averages as it faces further rejection. The uptrend is being hindered at level 7700 resistance level. The index will resume selling pressure if price breaks below 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.