FTSE 100 (UKX) Is Stuck below Level 7200 as the Market Shows Stability of Price

FTSE 100 (UKX) Is Stuck below Level 7200 as the Market Shows Stability of Price

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX index is in an upward move. Since May 7, buyers are yet to break above the level 7200 resistance. Meanwhile, on July 7 uptrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that UKX is likely to rise to level 2.0 Fibonacci extension or level 7324.40.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX has risen to level 55 of the Relative Strength Index. It indicates that the market is in the uptrend zone and above the centerline 50. 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. UKX is in a sideways trend below the resistance at 7200. On July 6 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 7326.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
FTSE 100 is above the 60% range of the daily stochastic. It indicates that the market is in bullish momentum. The 21-day and 50-day SMAs are sloping upward. UKX price is still in the bullish trend and capable of rising

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is battling to break above the resistance at level 7200. Since May 10, the index has been in a range-bound move below the recent high. The Fibonacci tool has indicated an upward move of UKX. According to the Fibonacci tool, FTSE 100 will rise to 2.0 Fibonacci extension or level 7326.02



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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.