FTSE 100 (UKX) Is in a Minor Retracement, Further Upside Momentum Likely

27 May 2021 | Updated: 27 May 2021

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX index is in a downward move. On May 7, the index reached its peak price of level 7143.50 and was resisted. UKX dropped to level 6912 and resumed consolidation above level 6900. UKX is fluctuating above the 21-day SMA for a possible upward move.

UKX – Daily Chart

Daily Chart Indicators Reading:
FTSE 100 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 has resumed upward over after recent retracement. Meanwhile, on May 25, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement level indicates that the market will rise to level 1.618 Fibonacci extension or level 7150.40.

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 upward. UKX price is above the moving averages, suggesting an upward movement of prices.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has resumed its upward move. According to the Fibonacci tool, the market will rise to level 1.618 Fibonacci extension or level 7150.40

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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.