FTSE 100 (UKX) Is in an Uptrend, Battles the Resistance at Level 7200

30 June 2021 | Updated: 30 June 2021

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX index is in an upward move. Presently, UKX is facing rejection at level 7200. On June 17, the index was repelled as the market declined to level 6990. The index is recovering as it resumed its upward move. Meanwhile, on June 25 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that UKX is likely to rise to level 2.0 Fibonacci extension or level 7317.42.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX has risen to level 46 of the Relative Strength Index. It 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. On June 23 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will rise and reverse at level 1.272 Fibonacci extension or level 7160.80. From the price action, the market has reached a high of 7177.56.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
FTSE 100 is above the 25% range of the daily stochastic. It indicates that the market is in bullish momentum. The 21-day and 50-day SMAs are sloping upward. UKX price is above the moving averages which indicate a possible rise of the index.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is rising after the recent breakdown. The index has resumed an upward move to revisit the previous highs. However, the market is likely to face resistance at level 7200. According to the Fibonacci tool, FTSE 100 will rise to 2.0 Fibonacci extension or level 7317.42.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.