FTSE 100 (UKX) Continues Its Sideways Trend,Resumes Downtrend


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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 is in a sideways trend. The index has been trading below the resistance at level 6800. Since January 6, the resistance level has not been broken. On January 6, the bulls broke the resistance but the bullish momentum could not be sustained. The index was resisted and it fell to level 6400. The index has been fluctuating between levels 6500 and 6800.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend. Presently, the index is at level 51 of the Relative Strength Index. It indicates that there is a balance between supply and demand.

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4 Hour Chart, FTSE 100 is in choppy price action. The index is retesting level 6800 to break above it. The Upward move is impossible because of the selling pressure above level 6800. Today, the index is falling after retesting level 6780.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is above the 80% range of the daily stochastic. The stochastic bands are sloping below 80% indicating that the market is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a range-bound move. UKX has been trading below the resistance for the past three months. The bulls are unable to break the resistance at level 6800. In the meantime, UKX is fluctuating between levels 6400 and 6800.

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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.