FTSE 100 (UKX) In a Downward Correction, Finds Support Above Level 7000


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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) has fallen to the low of level 6998.00. The index price broke below the moving averages. The implication is that UKX will further decline. The downtrend was caused by the resistance at level 7200. Today, the UKX has resumed an upward move as the current support holds. FTSE 100 will resume an uptrend if buyers break above the moving averages. Since May, the overhead resistance at level 7200 has not been broken. A break above the overhead resistance will catapult the index to the high of level 7450. However, the range-bound move will continue, if the overhead resistance remains unbroken.

UKX – Daily Chart

Daily Chart Indicators Reading:
FTSE is at level 44 of the Relative Strength Index. UKX is in the downtrend zone and is capable of falling on the downside. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4 hour chart, FTSE 100 is in a downward move. The index fell to level 7000 and resumed consolidation above it. The market is rising to reach the previous highs but it is facing rejection at the 21-day SMA. The market will resume upward if price breaks above the moving averages.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index has fallen above the 25% range of the daily stochastic. This implies that the market is in a bullish momentum. The index is expected to rise to the previous highs The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has been in a range-bound move for several moves. Buyers are yet to breach the overhead resistance at level 7200. The market will continue to be range-bound except the overhead resistance is breached.

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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.