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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) is in an upward move as price tested level 7200 overhead resistance. Since August 12, the uptrend has been stalled below the resistance. The index has retraced to level 7120. Presently, the index is fluctuating levels 7120 and 7200. A breakout will signal the resumption of an uptrend. Meanwhile, on August 12, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will rise but reverse at level 1.272 Fibonacci extension or level 7325.56.
Daily Chart Indicators Reading:
UKX is at level 56 of the Relative Strength Index. The index is in the bullish trend zone and above the centerline 50. UKX is in the uptrend zone and capable of rising on the upside. 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 is in a sideways move below level 7200 overhead resistance. The index tested the resistance and resumed the sideways move. On August 16, buyers could not sustain the bullish momentum above the overhead resistance. The index has continued the sideways move.
4-hour Chart Indicators Reading
The index is above the 50% range of the daily stochastic. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has resumed the range-bound move after the failure of bulls to breach the overhead resistance level. The price action is now characterized by small body indecisive candlesticks. The candlesticks are describing that buyers and sellers are undecided about the direction of the market.
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