FTSE 100 (UKX) Is in a Sideways Move, Unable to Break Level 6800

FTSE 100 (UKX) Is in a Sideways Move, Unable to Break Level 6800

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is making an upward move. The bulls have attempted to break the resistance at level 6800. Each time the UKX retests the recent high, the price will fall. Since January, the market has been in a range-bound move below the resistance.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the trend. Presently, the share is at level 52 of the Relative Strength Index. It indicates that the UKX is in the uptrend zone and above the centerline of 50.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the share is making an upward move. On February 15 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the share will rise to level 2.618 Fibonacci extensions. That is the high of 7290.30.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The share is above the 40% range of the daily stochastic. It indicates that the share is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is making an upward move. The uptrend is facing resistance at level 6800. A breakout will propel the share to rise. The sideways move may continue if the bulls fail to break the recent high.


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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.