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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) is in an upward move.
The uptrend was stalled at level 7220. Since May, the overhead resistance at level 7200 has not been broken. Today, buyers are pushing to retest the same overhead resistance level. A break above the resistance level will accelerate price movement on the upside. Meanwhile, on the August 12 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 7454.17.
Daily Chart Indicators Reading:
FTSE 100 is at level 54 of the Relative Strength Index. UKX is in the bullish trend zone and above the centerline 50. UKX is in the uptrend zone and capable of rising on the upside. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.
FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE is resuming upward. Buyers pushed above level 7200 but cannot sustain the bullish momentum. Consequently, the index plunged sharply downward. Meanwhile, on August 23 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 7240.41.
4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The index has risen to the overbought region. The upward move is doubtful. The market is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) upward is unlikely as the market reaches the overbought region. UKX has already reached the high of level 7148 which is below the overhead resistance. There is a possibility of the index facing rejection at level 7200.
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