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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
UKX index is retracing after retesting level 7200 resistance. Buyers have retested the resistance on four occasions but were unable to break above it. UKX will fall as it faces rejection from the recent high. The current uptrend has reached the high of level 7142 as it faced rejection from level 7200. The uptrend will resume if the overhead resistance is breached.
Daily Chart Indicators Reading:
UKX is at level 56 of the Relative Strength Index. The index is in the bullish trend zone and above the centerline 50. UKX is capable of rising 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 a sideways move below the overhead resistance. The index fluctuates between levels 6950 and 7200. Each time the resistance is retested the market will fall to the lower price range and the range-bound move will resume. This has been the price action since May 7.
4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. Since July 23, the market has been trading in the overbought region. Sellers are likely to emerge who will push prices downward. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has not trended since May 7. The index has been in a range-bound zone. The index price has been fluctuating between levels 6950 and 7200. UKX will trend if the range-bound levels are breached. Presently, the market will fall as it reaches the overbought region.
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