FTSE 100 (UKX) Is at the Overbought Region, May Reverse at Level 6624.20

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 is in an uptrend since November 2. The share has reached the overbought region of the market. On November 11, a retraced candle body tested the 78.6% Fibonacci retracement level. The index will rise and reverse at level 1.272 Fibonacci extension. That is the market will reverse at level 6725.70.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Presently, the share is at level 68 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 uptrend. 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 level 1.272 Fibonacci extensions and reverse. That is the market will reverse at level 6624.20.

4-hour Chart Indicators Reading
The share is above the 40% range of the daily stochastic. It indicates that the share 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 faces rejection level 6600. The share has resumed upward after a minor retracement. The Fibonacci tool has indicated that the market will reverse at level 6624. The price has resumed upward.



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