FTSE 100 (UKX) Is in a Downward Move, May Reverse at Level 6376.60

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 is in a downward move since December 30. The market has fallen to level 6460.50 and a further downward move is likely. The price has broken the 21-day SMA and it is approaching the previous low at level 0.6315.

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 50 of the Relative Strength Index. It indicates that there is a balance between supply and demand.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share is in a downward move. On the December 31st downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the share will fall to level 1.272 Fibonacci extension and reverse. That is, it will reverse at the low of level 6376.60.

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 is in a downward move after rejection. According to Fibonacci tool analysis, the share will fall to level 1.272 Fibonacci extensions and reverse. A downward move to level 6376.60 is expected before reversal.


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