FTSE 100 Trades Marginally as It Reaches the Overbought Region of 7550.38

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is in an uptrend as it reaches the overbought region of 7550.38. Today, the index has reached the high of level 7578. Since January, the demand dries up, each time buyers push the index above the 7600 overhead resistance. Today, the current uptrend is reaching bullish exhaustion. Besides, the index is trading in the overbought region of the market

FTSE 100 Trades Marginally as It Reaches the Overbought Region of 7550.38
UKX – Daily Chart

Daily Chart Indicators Reading:
FTSE 100 is at level 67 of the Relative Strength Index for 14. The index will be overbought at level 70. It indicates that it is in the bullish trend zone and may further rise. The moving average lines are sloping upward indicating an uptrend. The index price bars are above the moving average lines indicating a further upward movement of the index.


FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, UKX is in a smooth uptrend as the market reaches the high of 7550.38. The index price is making a series of higher highs and higher lows. The index is close to level 7600.

FTSE 100 Trades Marginally as It Reaches the Overbought Region of 7550.38
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 78%range of the daily stochastic. It indicates that the market is in a bullish momentum. 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 reaches the overbought region of 7550.38. When the index turns from the overhead resistance, the market will decline to the low of level 7200 or 7000.


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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.