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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) is in an upward move. The index is making a fresh uptrend. The uptrend is presently facing resistance at the high of level 7151. The upward move has been terminated as the market resumes a sideways move. The uptrend will resume if the price breaks the resistance at level 7151. Meanwhile, on the September 1 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 7283.32. The index will reach that level if the resistance is breached.
Daily Chart Indicators Reading:
UKX is at level 53 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 horizontally indicating the sideways trend.
FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE 100 is rising but the uptrend has been interrupted. The market has resumed a sideways move. Meanwhile, on the September 1 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 7232.08. The market will rise to the Fibonacci extension if the current resistance is breached.
4-hour Chart Indicators Reading
The index is above the 40% range of the daily stochastic. The stochastic bands are sloping horizontally as the bullish momentum dries down. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a sideways move. UKX will resume an upward move if the resistance at level 7151 is breached. Since June, the index has been in a sideways trend.
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