FTSE 100 (UKX) Is in a Downtrend, a Drop to Level 6633.60 Likely

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is retracing after rejection from the recent high. The share has retraced to level 6735.70. There is a likelihood of further downward move. The RSI is in the uptrend zone at level 58. UKX is likely to retrace to the support above level 6600 or above the 21-day SMA before the upward move.

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 58 of the Relative Strength Index. It indicates that the UKX is in the uptrend zone and it is capable of resuming upward movement.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share is in a downward move. On the January 7 uptrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the share will fall to level 1.618 Fibonacci extension a. That is, the share will reach level 6633.60.

4-hour Chart Indicators Reading
The share is above the 20%range of the daily stochastic. It indicates that the share is in a bullish 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 falling. According to Fibonacci tool analysis, the share will fall to level 1.618 Fibonacci extension or the low of 6633.60.


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