FTSE 100 (UKX) Is in a Sideways Move, Battles Resistance at Level 7120

FTSE 100 (UKX) Is in a Sideways Move, Battles Resistance at 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. The index price bars are above the moving averages which indicate a rise in the index. Presently, the index is facing resistance at level 7100. On May 4 uptrend, retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that the index will rise to 2.0 Fibonacci extension or level 7339.11.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX has risen to level 55 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 is in an uptrend. The index is in a choppy price action. The index price is in a sideways move below the resistance at level 7120. Each upward move is being repelled at level 7120.

UKX – 4 Hour CHart

4-hour Chart Indicators Reading
FTSE 100 is below the 40% 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 uptrend is facing resistance at level 7120. The index will rise to level 7330 if the current resistance is breached


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.