FTSE 100 (UKX) Declines to Level 7129, Unable To Sustain Above Level 7360

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 (UKX) has fallen below the moving average after retesting the resistance at level 7360. In the previous price action, on November 11, the bulls were repelled at level 7360. The index plunged to level 7200 and later to level 7040. The current downtrend is likely to extend to level 7080 before a resumption of an uptrend.

UKX – Daily Chart

Daily Chart Indicators Reading:
The index is at level 44 of the Relative Strength Index for period 14. UKX is in the downtrend zone and below the centerline 50. The index is capable of falling on the downside. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways move. The index’s price is below the moving averages which indicate a possible fall of the index.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4 hour chart, FTSE 100 is in a downward move. The index price has broken below the moving averages. There is a likelihood of further downward movement of prices. Meanwhile, on December 13 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will fall to level 1.272 Fibonacci extension or level 7181.74.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. It implies that the downtrend has ended. Buyers are likely to emerge to push prices upward. The moving averages are pointing upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a downward move. UKX has fallen to the oversold region. The index is likely to resume an upward move. The index may retrace to the low of levels 7083 and 7129 before resuming upward.



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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.