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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Bullish
UKX index upward move has been facing rejection at level 7200. Since May 7, the resistance at level 7200 is yet to be broken. Meanwhile, on July 13 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX is likely to rise but reverse at level 1.272 Fibonacci extension or level 7198.64.
Daily Chart Indicators Reading:
UKX is at level 49 of the Relative Strength Index. The index has reached the midpoint of the market. It indicates that there is a balance between supply and demand. 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 a sideways move below level 7200. Meanwhile, on July 13 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 7254.05.
4-hour Chart Indicators Reading
FTSE 100 is below the 60% range of the daily stochastic. It indicates that the market is in bearish 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 still stuck at level 7200. Since May the index has been in a sideways move below the overhead resistance. According to the Fibonacci tool, FTSE 100 will rise to level 1.618 Fibonacci extension or level 7254.05.
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