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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
Since July 19, the index has been in a downward move as it fell to level 6845. On July 20, the bulls bought the dips as the index resumed upward. Today, the upward move has reached level 7220. Further upside is likely. Meanwhile, on June 25, 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 7431.43.
Daily Chart Indicators Reading:
UKX is at level 64 of the Relative Strength Index. The index is in the bullish trend zone and above the centerline 50. UKX is approaching the overbought region of the market. . The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.
FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE is in a downtrend. Recently, the index rebounded above level 6830 as UKX rallied and broke above the moving averages. Further upside is likely as price breaks above level 7200. . Meanwhile, on June 25, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that UKX will rise to level 2.0 Fibonacci extension or level 7318.48.
4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. UKX is trading in the overbought region. Sellers are likely to emerge who will push prices downward. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has resumed uptrend after the recent downtrend. UKX price has broken above the moving averages to resume upside momentum. According to the Fibonacci tool, the market will reach a high of level 7431.
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