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

20 May 2021 | Updated: 20 May 2021

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.

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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.