FTSE 100 (UKX) Is Stuck Below Level 6800 as Bulls Attempt To Breach the Recent High

FTSE 100 (UKX) Is Stuck Below Level 6800 as Bulls Attempt To Breach the Recent High

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

FTSE 100 (UKX) Long-term Trend: Bullish
Since January, UKX’s upward move has been facing rejection at level 6800. On three occasions, the index was rejected and it fell to level 6500. Today, the market is still fluctuating above the 21-day SMA to retest level 6800 resistance. An upward movement is expected if the current support holds.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Presently, the index is at level 52 of the Relative Strength Index. It indicates that the UKX is in the uptrend zone and above the centerline of 50.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 Hour Chart, FTSE 100 has been retracing after testing level 6800 high. The index has fallen and found support above level 6680.0. UKX is now resuming a fresh uptrend. On March 9 uptrend, a retraced candle body tested 61.8% Fibonacci retracement level. This retraced candle body indicates that the market will rise to level 1.618 Fibonacci extension or level 6891.70.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 30% range of the daily stochastic. It indicates that the share 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) has been trading below level 6800 as bulls fail to sustain index above the overhead resistance. The market has risen to level 6712.90 at the time of writing.

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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.