FTSE 100 (UKX) Is Falling in a Bearish Pattern, a Drop to Level 5325 Is Likely

FTSE 100 (UKX) Is Falling in a Bearish Pattern, a Drop to Level 5325 Is Likely

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 is in a downward move since June. The Share price has been making a series of lower highs and lower lows. Today the market has fallen to level 5780 but it is making a retest after which the downtrend will resume.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping downward indicating the downtrend. It indicates the current bearish trend. Presently, the share is at level 45 of the Relative Strength Index. The market is in a downtrend zone and below the centerline 50.


FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share is in a downward move. On October 22 downtrend, a retraced candle body tested the 38.2% Fibonacci retracement level. This indicates that the share will fall and reach a level of 2.618 Fibonacci extensions. That is the market will reach a low of 5325.

UKX – 3 Hour Charrt

4-hour Chart Indicators Reading
The index is above the 50% range of the daily stochastic. It indicates the market was earlier in bullish momentum. The 21-day and 50-day SMAs are sloping downward.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is in a downward move. The share is falling in a bearish pattern. According to the Fibonacci extension, the market will drop to level 5325.


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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.