FTSE 100 (UKX) Continuous Its Sideways Trend After Rejection at 7700

Resistance Level: 7,500, 7, 600, 7,700
Support Level: 7,000, 7,100, 7,200

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 stock has been in a sideways trend since March 2019. The stock minimum value has been 7,100 since February 2019. Similarly, the stock has  traded and reached a high of 7,700. In July, the bulls made an upward move and the stock reached a high of 7,700.

Surprisingly, the stock made a sharp drop to the low of 7,000 and resumed a sideways move below 7,400. In December, the stock tested the 7,700 price level twice to form a bearish double top. With the formation of this pattern, FTSE 100 will face selling pressure.

Daily Chart Indicators Reading:
The Relative Strength Index period 14 level 53 indicates that the price is above center line 50. In other words, the stock price is likely to rise. The market is approaching the overbought region of the daily RSI.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the stock is in a sideways move between 7,000 and 7, 400 in October 2019. The bulls broke the 7,400 resistance to reach the higher price levels. The stock is trading below the resistance after failing to break 7,700 resistance.

4-hour Chart Indicators Reading
The 21-day SMA and the 50-day SMA are in an upward move indicating the bullish trend. The Relative Strength Index period 14 level indicates that the price is in the bullish trend zone.

General Outlook for FTSE 100 (UKX)
The stock may fall because if the formation of a bearish double top. The sideways movement of the stock may continue as the bulls fail to break the overhead resistance.

FTSE 100 (UKX)Trade Signal
Instrument: FTSE 100 (UKX)
Order: No buy or sell signal.

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