FTSE 100 Struggles below Level 7600, May Risk a Downward Move

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) price has reached overbought region as it may risk a downward move. Since March 30, the bulls have been struggling to break the recent high. The index will rally above level 7700 if the bulls break the recent high. Also, UKX has reached the overbought region of the market. Meanwhile, on March 30 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.

FTSE 100 Struggles below Level 7600, May Risk a Downward Move
UKX – Daily Chart

Daily Chart Indicators Reading:
The index price is above the moving averages indicating further movement of the UKX. UKX is at level 6o of the Relative Strength Index for period 14. FTSE is capable of a further upward move. 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 an uptrend but struggles below level 7600. Today, FTSE has retraced above the moving averages. The uptrend will resume if the resistance at level 7600 is breached. The downtrend will resume if price breaks below the moving averages.

FTSE 100 Struggles below Level 7600, May Risk a Downward Move
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is below the 80% range of the daily stochastic. The stochastic bands are fluctuating below and above the moving averages. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. The index is likely to fall as the market reaches the overbought region.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has reached the high of level 7613 as it may risk a downward move. The index is attempting to decline as it reaches the previous high. A further upward move to level 7700 is possible if the bulls break the recent high.


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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.