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.

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.

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.


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