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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) has been in a range-bound move for the past four months. Buyers have failed to push UKX above level 7200 resistance. For the past three days, the index has been falling after rejection from the 7200 resistance zone. The index will resume upward after UKX has fallen to either level 6860 or 6980. This has been the price action since May. In the meantime, the market is falling to the previous low at level 6980.
Daily Chart Indicators Reading:
UKX is at level 40 of the Relative Strength Index. It indicates that the market is in the downtrend zone and it is capable of falling on the downside. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend. The price has broken below the moving averages which suggest that selling pressure may continue on the downside.
FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE 100 is in a downward move. The index has faced rejection twice at the recent high as the altcoins fell to the low above level 7000. The bulls are defending level 7000 as UKX resumes upward. Meanwhile, on the September 8 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that UKX will fall to level 1.618 Fibonacci extension or level 6983.73.08. From the price action, the index fell to level 7006.73 and resumed upward. The market is expected to rise.
4-hour Chart Indicators Reading
The index has fallen below the 20% range of the daily stochastic.
This implies that the market has reached the oversold region. We expect buyers to emerge in the oversold region of the market. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a sideways move. Presently, the UKX is likely to rise upward as the index looks oversold. A further downward move is unlikely.
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