Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
UKX index has been in a sideways trend since May 7. Each time, the resistance at 7200 is tested the index will fall to the support above the 21-day SMA or 50-day SMA. Today, the market is rising to retest the overhead resistance at level 7200. UKX price has reached the high of level 7080. According to the daily stochastic, the market is reaching the overbought region.
Daily Chart Indicators Reading:
UKX is at level 53 of the Relative Strength Index. The index is in the bullish trend zone and above the centerline 50. UKX is capable of rising on the upside. 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 upward move. The index price has reached the overbought region of the market. Meanwhile, on July 21 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will rise to level 1.272 Fibonacci extension or level 7052.36.
4-hour Chart Indicators Reading
FTSE 100 is above the 80% range of the daily stochastic. Since July 23, the market has been trading in the overbought region. Sellers are likely to emerge who will push prices downward. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has been in a range-bound move below 7200 overhead resistance. The index has risen to the overbought region of the market. UKX is facing rejection at level 7079.87 high. According to the Fibonacci tool, FTSE 100 will rise but reverse at level 1.272 Fibonacci extension or level 7079.87.
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