FTSE 100 (UKX) Is in a Downward Move, Faces Rejection from Level 7200 High
Login

FTSE 100 (UKX) Is in a Downward Move, Faces Rejection from Level 7200 High

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX index has been in an uptrend. The index reached a high of 7164.20. On May 10, UKX was resisted as it fell to level 6900.UKX price corrected upward to level 7100 before resuming downward. Meanwhile, on May 11 downtrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement level indicates that the market will fall to level 2.0 Fibonacci extension or level 6657.50.

UKX – Daily Chart

Daily Chart Indicators Reading:
FTSE 100 has fallen to level 48 of the Relative Strength Index. It indicates that the market is in the downtrend zone and below 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 a downward move. On May 11, the index has an initial breakdown to level 6920. It corrected upward to level 7080 before resuming a downward.On May 11 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement level indicates that the market will fall to level 1.618 Fibonacci extension or level 6758.80.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
FTSE 100 is below the 80% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally. UKX has broken below the moving averages, suggesting a downward movement of prices.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is falling as price breaks below the SMAs. According to the Fibonacci tool, the index will fall to level 6758.80. Presently, the UKX is falling and retesting the previous low to break below it.

You can purchase crypto coins here: Buy Coins

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News