FTSE 100 (UKX) Is Rising Upward, May Reverse at Level 7000.40

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is in an uptrend but it is reaching the overbought region. On December 10 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates The share will rise to level 1.618 Fibonacci extension. That is the high of 6903.20.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the previous trend. Presently, the share is at level 71 of the Relative Strength Index. It indicates that the UKX has reached the overbought region of the market.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the share is in a downward move. On the January 7 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the share will rise to level 1.272 Fibonacci extension and reverse. That is, it will reverse at the high of level 7000.40.

4-hour Chart Indicators Reading
The share is above the 80% range of the daily stochastic. It indicates that the share is in a bullish momentum. Also, it is the overbought region of the market. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is in an uptrend. According to Fibonacci tool analysis, the share will rise to level 1.272 Fibonacci extensions and reverse. That is UKX will reach level 7000.40 before reversal.


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