FTSE 100 (UKX) Is Correcting Upward as It Approaches the 7500 Level

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

FTSE 100 (UKX) Long-term Trend: Bullish
The FTSE 100 (UKX) is trading between the moving average lines as it approaches the 7500 level. It is also trading below the resistance at level 7500. The index will probably return to the overhead resistance at level 7600 as it rises. If the FTSE 100 is unable to move above the 21-day line SMA, it will continue to move in a range between the moving average lines. The index has been stuck between the moving average lines for the last few days. The market will trend once the range-bound levels are broken. If the 21-day line SMA is broken, for instance, UKX will increase to its previous highs. At the time of writing, UKX is currently trading at a level of 7500.48.

FTSE 100 (UKX) Is Correcting Upward as It Approaches the 7500 Level
UKX – Daily Chart

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, the UKX is at level 55. UKX is currently attempting to break above the 21-day line SMA while in the uptrend zone. The price bars crossing the moving average lines point to further upward movement. The 21-day and 50-day SMA lines’ upward slopes serve as indicators of an uptrend.

FTSE 100 (UKX) Medium-term Trend: Bullish
The UK price is currently in the bullish trend zone on the 4-hour chart. The price is encountering resistance as buyers try to maintain it above the 50-day SMA and resume an upward trend. Additionally, the index is currently trading in an overbought area of the market. A retraced candle body tested the 78.6% Fibonacci retracement line on the uptrend of December 22. The retracement predicts that UKX will increase to the Fibonacci level of 1.272, or level 7591.66.

FTSE 100 (UKX) Is Correcting Upward as It Approaches the 7500 Level
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day moving averages are sloping upward northward, indicating an uptrend. UKX is in a bullish momentum above level 75 of the daily Stochastic. Buyers are finding it difficult to break the resistance at level 7500. The price bars are between the moving average lines.

General Outlook for FTSE 100 (UKX)
The FTSE 100 (UKX) is correcting upward as it approaches the 7500 level. The index has been fluctuating below level 7500 to break it. The upward move has been hampered because of the appearance of Doji candlesticks.


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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.