FTSE 100 (UKX) Is Stuck in a Range but Targets Level 7500

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RESULTS

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

FTSE 100 (UKX) Long-term Trend: Bearish
The FTSE 100 (UKX) is falling, but it is stuck between two moving average lines as it targets level 7500. The current selling pressure has subsided as the price has remained above the 50-day simple moving average (SMA). FTSE 100 will be driven into a range-bound move between the moving average lines. For a few more days, the index will be trapped between the moving average lines. When the range-bound levels are breached, the market will trend. For example, if the 50-day line SMA is broken, selling pressure will grow on the downside. Today, UKX is trading at level 7369.48 at the time of writing.

Daily Chart Indicators Reading:
The UKX is at level 40 on the Relative Strength Index for period 14. As a result of the current drop, it has entered the negative trend zone. The upward-sloping 21-day and 50-day SMA lines represent the previous trend.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the UKX price is recovering as it rises above level 7320. The index has already reached the market’s oversold zone. Buyers are emerging to drive up prices. On December 9, UKX reversed its bearish trend and tested the 61.8% Fibonacci retracement line with a retraced candle body. According to the modification, UKX will drop to level 1.618 in the Fibonacci series, or level 7327.

4-hour Chart Indicators Reading
The 21-day and 50-day moving averages are sliding southward, indicating a downward trend. The indicator is below the daily Stochastic level of 20. It signifies that the market has reached the oversold region. Additional selling pressure is unlikely. Buyers are predicted to emerge in the market’s oversold region.

General Outlook for FTSE 100 (UKX)
The FTSE 100 (UKX) is correcting upward as it targets level 7500. The index remains above the 7300 level of support, but it is trading between the moving average lines. Therefore, the UKX price movement will depend on breaking the moving average lines.


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