FTSE 100 (UKX) Breaks Level 7400, May Resume Uptrend

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) is rising as it may resume uptrend. UKX  price breaks above the moving averages. Today, buyers are attempting to break above level 7400 resistance. Since November 11, the overhead resistance level is yet to be broken. Presently, the upward move is facing rejection at the recent high. UKX will rally to level 7700 if the overhead resistance is breached. Meanwhile, on December 8 uptrend; 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 7763.30.

FTSE 100 (UKX) Breaks Level 7400, May Resume Upward
UKX – Daily Chart

Daily Chart Indicators Reading:
The recent uptrend has pushed the index to level 62 of the Relative Strength Index for period 14. UKX is in the uptrend zone and capable of rising to the upside. The uptrend is hindered at level 7400. The index’s price is still above the moving averages indicating a possible rise in prices. The moving average is sloping horizontally indicating the sideways move.

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4 hour chart, FTSE 100 is in a sideways trend. The index is still fluctuating below the overhead resistance at level 7400. Today, the market reached the high of level 7450 but was resisted. The market has retraced but it is resuming upward. The overhead resistance is presumed broken if the current bullish momentum is sustained.

FTSE 100 (UKX) Breaks Level 7400, May Resume Upward
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. That is the market has reached the overbought region. The implication is that the index may decline because sellers may emerge to push prices down.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a bullish momentum as it may resume uptrend. Since November 11, the uptrend has been hindered at level 7400. If the bulls break the overhead resistance, it will signal the resumption of the uptrend.

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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.