FTSE 100 (UKX) Is in an Uptrend, Battles Resistance at Level 7000

FTSE 100 (UKX) Is in an Uptrend, Battles Resistance at Level 7000

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX index broke the resistance at level 7000 but was resisted at level 7100. However, the index fell to the range-bound zone below level 7000. In the previous price action, UKX was in a downward correction below level 7000 before it was breached. Meanwhile, on April 16 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement level indicates that the market will rise to level 1.618 Fibonacci extension or level 9297.90.

UKX – Daily Chart

Daily Chart Indicators Reading:
FTSE 100 has fallen to level 54 of the Relative Strength Index. In indicates that the market is in the Uptrend zone and above the centerline 50. 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 bears have pushed UKX below the resistance of level 7000.UKX price is struggling to break above it. On April 16 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement level indicates that the market will rise to level 1.618 Fibonacci extension or level 7297.90.

UKX – 3 Hour Chart

4-hour Chart Indicators Reading
The index fell below the 20% range of the daily stochastic. UKX has fallen into the oversold region of the market. The stochastic bands are above the 25% range suggesting the emergence of buyers. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is an uptrend but it faces resistance at level 7000. If buyers break level 7000 ad the bullish momentum is sustained, it will signal the resumption of the uptrend. The index has a target price of level 7297.90.

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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.