FTSE 100 (UKX) Is in an Uptrend, Faces Rejection at Level 7200

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RESULTS

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX index is in an upward move. FTSE 100 has risen to level 7200 but it is retracing for a further upward move. The index will resume an uptrend as price finds support above the 21-day SMA. Meanwhile, on April 19 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the index will rise to 1,618 Fibonacci extensions or level 7308.35.

Daily Chart Indicators Reading:
UKX has risen to level 61 of the Relative Strength Index. It indicates that the market is in the uptrend zone and above the centerline 50. The index has room to rally 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 reached the high of level 7200 and was resisted. UKX retraced to the support above the 21-day SMA. The index will rise as long as the price bars are above the moving averages.

4-hour Chart Indicators Reading
FTSE 100 is below the 80% range of the daily stochastic. It indicates that the market is in bearish 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 in an upward move. UKX price is above the moving averages which shows a possible rise of the FTSE 100. The Fibonacci tool has indicated a further rise to level 1.618 Fibonacci extension or level 7308.35.


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