FTSE 100 (UKX) Faces Rejection at Level 7400, May Slide to Level 7242 Low

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) is in an uptrend. The index rallied to the high of level 7400. For the past week, the index has been falling as buyers fail to keep price above the recent high. The market has fallen but above the 21-day line moving averages. The selling pressure will terminate if the 21-day moving averages hold. The selling pressure will persist if price breaks below the moving averages.

UKX – Daily Chart

Daily Chart Indicators Reading:
The index has fallen to level 54 of the Relative Strength Index period 14. It indicates that it is in the uptrend zone despite the retracement. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The crypto’s price is still above the moving averages despite the retracement which indicates a possible rise.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4 hour chart, FTSE 100 is in a downward move. On November 11 uptrend, buyers could not sustain the bullish momentum above level 7400. Consequently, the selling pressure resumes on the downside. Meanwhile, on November 15 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that UKX will fall to level 2.0 Fibonacci extension or level 7242.51.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is below the 20% range of the daily stochastic. The index has fallen to the oversold region of the market. The implication is that selling pressure is likely to subside or terminate.


General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a downward move. The uptrend has been terminated as the market reaches the overbought. According to the Fibonacci tool, the index will reach the low of level 7242.


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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.