FTSE 100 (UKX) Falls After Rejection at Level 6800

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 has continued the downward move. The share was resisted at level 6800 as price resumes a downward move. The downward movement will be accelerated if price breaks below level 6600 or the SMAs. The upward move will resume if price finds support above level 6600.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the previous trend. Presently, the share is at level 59 of the Relative Strength Index. It indicates that the UKX is in the uptrend zone and above the centerline of 50.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share is in a downward move. On February 16 downtrend, a retraced candle body tested the 50 % Fibonacci retracement level. The retracement indicates that the share will fall to level 2.0 Fibonacci extensions. That is the low of 6677.50.

4-hour Chart Indicators Reading
The share is below the 40% range of the daily stochastic. It indicates that the share is in a bearish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is still in a downward move. The price bars are above the SMAs which suggests that the share can rise after a retracement. However, the selling pressure will be well pronounced if price breaks below the SMAs.


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