FTSE 100 (UKX) Declines to Level 7200 Low, Uptrend Likely

28 October 2021 | Updated: 28 October 2021

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) has risen to the high of $7281. The RSI has indicated that the market has reached the overbought region. UKX has declined but it pulling back. The uptrend is likely to continue. Meanwhile, on October 15 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will rise to level 1.272 Fibonacci extension or level 7329.09.

UKX – Daily Chart

Daily Chart Indicators Reading:
The index is at level 59 of the Relative Strength Index period 14. It indicates that it is in the uptrend zone and above the centerline 50. It is also capable of rising on the upside. The 21-day and 50-day SMAs are sloping horizontally indicating the trend. The crypto’s price is above the moving averages which indicate a possible rise.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 1 hour chart, FTSE 100 is in an uptrend. UKX has earlier retraced to the support above level 7220. Presently, the index is consolidating above the current support. If price breaks above the moving averages, the market will resume an upward move. The index will revisit the previous highs of level 7280. The upward move is facing rejection at level 7240.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 25% range of the daily stochastic. The stochastic bands are sloping horizontally indicating that the index is consolidating above the current support.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is resuming a new uptrend as price fell to the previous low at level 7220. Buyers have an uphill task as they push the index above the moving averages. According to the Fibonacci tool, the market will reach the high of level 7329.09

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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.