FTSE 100 (UKX) Is in a Sideways Move as Bulls and Bears Reach Indecision

7 October 2021 | Updated: 7 October 2021

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) is in a range-bound move. For the past five months, buyers have failed to keep the price above level 7200 overhead resistance. Today, the bears have broken below the moving averages which may further sink the index. The index may resume downward correction if price fails to break above the moving averages.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 44 of the Relative Strength Index. It indicates that the market is in the downtrend zone and it is below the centerline 50. The 21-day and 50-day SMAs are sloping horizontally indicating the trend. The crypto’s price is below the moving averages which indicate a possible fall.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE 100 is in an upward move in a sideways trend. The index is trading below the moving averages suggesting that UKX may further decline. For the resumption of an uptrend, buyers have to sustain the price above the moving averages. Meanwhile, on September 23 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that UKX will rise to level 1.618 Fibonacci extension or level 7309.27 .

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is above the 25% range of the daily stochastic. However, the stochastic is sloping horizontally. The index is attempting to resume bullish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is likely to be range-bound for a few days. The Fibonacci tool has indicated a possible rise to level 7309 but this will depend on buyers breaking the resistance at level 7200.

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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.