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

Updated:

Checkmark

Invest at least $250 in D2T to gain lifetime access to our VIP Signals

Checkmark

Get early access to Dash 2 Trade’s Presale. Buy the D2T token now

Checkmark

Existing community of 70,000+ traders

Checkmark

Unlocks access to the leading crypto trading analysis, signals and trading tools

Checkmark

As featured in CryptoNews.com, FXEmpire.com, FXStreet.com and more

Checkmark

World class development team backed by Quant developers and VC investors


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.

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

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.

FTSE 100 (UKX) Is Stuck in a Range but Targets Level 7500
UKX – 4 Hour Chart

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.


You can purchase crypto coins here: Buy LBLOCK


Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing result

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

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.