FTSE 100 (UKX) Holds above Level 7332 as It Reaches an Oversold Region

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

FTSE 100 (UKX) Long-term Trend: Bearish
The FTSE 100 (UKX) is falling as it holds above level 7332. The index has dropped below the moving average lines as a result of the most recent downturn. If the 50-day line SMA support holds, UKX will be forced into a range-bound move between the moving average lines. The selling pressure will increase on the downside if the 50-day line SMA is broken.

Daily Chart Indicators Reading:
The UKX is at level 40 on the Relative Strength Index for period 14. It has entered the negative trend zone as a result of the recent downturn. The prior trend is indicated by the upward-sloping 21-day and 50-day SMA lines.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the price of UKX has deviated below the moving average lines. As the indicator approaches the oversold area, it has drastically decreased. UKX reversed its downward trend on December 9 and tested the 61.8% Fibonacci retracement line with a retraced candle body. According to the adjustment, UKX will drop to level 1.618 in the Fibonacci sequence, or level 7327.

4-hour Chart Indicators Reading
A declining trend is indicated by the sloping 21-day and 50-day lines. The daily Stochastic index is below level 20 for the index. This suggests that UKX has entered the oversold area of the market. There’s unlikely to be more selling pressure.


General Outlook for FTSE 100 (UKX)
The FTSE 100 (UKX) has fallen above level 7332 support as it holds above level 7332. As the market approaches the oversold area, the selling pressure has decreased. If the current support persists, the upward trend will resume.


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