FTSE 100 (UKX) Is in a Brief Rally, May Face Rejection at level 7200

FTSE 100 (UKX) Is in a Brief Rally, May Face Rejection at level 7200

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX index is in an upward move. The first uptrend was terminated at level 7200. This caused the index to fall the low of level 7008. FTSE 100 has recovered and it is resuming a fresh uptrend. The index price is breaking above the moving averages. A break above the moving averages will accelerate the index’s upward move.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX has risen to level 54 of the Relative Strength Index. It indicates that the market is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the trend.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE is in an upward move. On June 23 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will rise and reverse at level 1.272 Fibonacci extension or level 7160.80. From the price action, the market has reached a high of 7116.64.

UKX – 2 Hour Chart

4-hour Chart Indicators Reading
FTSE 100 is above the 78% range of the daily stochastic. It indicates that the market is in bullish momentum. The 21-day and 50-day SMAs are sloping upward. UKX price is above the moving averages which indicate a possible rise of the index.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is rising. UKX price is likely to rise on the upside. Presently, FTSE 100 is trading at level 7116.64. Further upward move is doubtful as the index reaches the overbought region of the market.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.