FTSE 100 (UKX) Reaches Overbought Region, May Reverse Between Levels 6600 and 6628

FTSE 100 (UKX) Reaches Overbought Region, May Reverse Between Levels 6600 and 6628

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is in an upward movement since November 2. On November 16 uptrend, the retraced candle body tested the 78.6% Fibonacci retracement level. It indicates that the UKX index is likely to rise and reverse at level 1.272 Fibonacci retracement level. That is at the high of level 6628.10.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Presently, the share is at level 65 of the Relative Strength Index. The market is in an uptrend zone and above the centerline 50.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the share is in an upward move. However, the market is reaching the overbought region. On November 11 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This explains that the share is likely to reach a level of 1.272 Fibonacci extensions and reverse.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The share is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is presently rising. The Fibonacci tool is indicating that the share has reached the overbought region of the market. The market is said to reverse at between level 6600 and $6628.


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 results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
Share with other traders!

Author : Azeez Mustapha

Avatar

Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.