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

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.

You can purchase crypto coins here: Buy Coins

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.