FTSE 100 (UKX) Battles Resistance at Level 7131, Uptrend Is Likely

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) is an upward move. Today, buyers are struggling to break the resistance at level 7131. UKX will have an accelerated upward move if the current resistance is breached. Presently, the altcoin is facing resistance because UKX has reached the overbought region. Meanwhile, on September 23 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement level indicates that UKX will rise to level 2.0 Fibonacci extension or level 7359.77.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 53 of the Relative Strength Index. It indicates that the market has reached the bullish trend zone and it is above the centerline 50. The 21-day and 50-day SMAs are sloping horizontally indicating the previous trend. The crypto’s price is above the moving averages which indicate a possible rise.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE 100 is in an upward move. The altcoin is facing initial resistance at the previous high. The crypto is likely to rise as it is above the moving averages. Meanwhile, on September 23 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that UKX will rise to level 2.618 Fibonacci extension or level 7395.10.

UKX – 4 Hour Chart

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

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has resumed an uptrend. The uptrend is hampered by the resistance at level 7131. The uptrend will resume if the current is breached. Presently, the altcoin is retracing.

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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.