FTSE 100 (UKX) Is in a Range-Bound Move, Unable to Sustain above Level 7120

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX index is in an upward move as it reached the high of level 7088.19. The index has been trading consistently above the moving averages. This has made it continue to rise on the upside. Meanwhile, on April 19 uptrend, retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will rise to 1,618 Fibonacci extension or level 7308.35.

Daily Chart Indicators Reading:
UKX has risen to level 57 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: Ranging
On the 4 hour chart, FTSE is in a sideways trend below level 7120. The index is in a choppy price action. Each upward move is being repelled at level 7120.

4-hour Chart Indicators Reading
FTSE 100 is above the 50% range of the daily stochastic. It indicates that the market is in a sideways move. The 21-day and 50-day SMAs are sloping upward. UKX price is above the moving averages.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has continued to be in an upward move. The index is trading marginally below the resistance at level 7120. The price action is characterized by indecisive candlesticks called Doji and Spinning tops.


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