FTSE 100 (UKX) Is In A Sideways Move Unable To Overcome Level 7000 Resistance

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX is in an uptrend as bulls battles the resistance at level 7000. In the first uptrend, the bulls were repelled at level 7050 as the index plunged to level 6857.10. Buyers have resumed the second upward move. Meanwhile, on April 19 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 7313.90.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the trend. The index has risen to level 59 of the Relative Strength Index. In indicates that the market is in the bullish trend zone and above the centerline 50.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE is in an upward move as it faced rejection at level 7050.
On April 9, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.272 Fibonacci retracement level and reverse. From the price action, the market has retested the Fibonacci extension level.

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. UKX has reached the overbought region of the market. Sellers may emerge at the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) uptrend is facing rejection at the recent high. The bulls are yet to break the resistance at level 7050 after the initial attempt. The market will rise to level 7300 if the initial resistance is breached.


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