FTSE 100 (UKX) Is in Uptrend, Faces Rejection at Level 7400

Updated:


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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) is in an uptrend but faces rejection at the recent high. The index declined to level 7198 and resumed an upward move. Presently, the index is above the 50-day SMA and below the 21-day SMA. The uptrend will resume when price breaks above the 21-day SMA and the resistance at level 7400. Otherwise, UKX will continue to fluctuate between the moving averages. Meanwhile, on November 12 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that UKX will rise to level 2.0 Fibonacci extension or level 7832.71.

UKX – Daily Chart

Daily Chart Indicators Reading:
The index has fallen to level 53 of the Relative Strength Index period 14. UKX is in the uptrend zone and capable of further upside. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The crypto’s price is between the moving averages which may result in a range-bound move

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE 100 is in an upward move but fails to break above the moving averages. The index is retesting the resistance at level 7300. UKX may face rejection and subsequent fall. Meanwhile, on November 22 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 7291.27.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The index has fallen to the overbought region of the market. Sellers are expected to emerge in the overbought region.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has resumed its upward move. The uptrend is facing resistance at level 7400. The current uptrend has fallen to a sideways move. The uptrend may resume when price breaks above the 21-day SMA.

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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.