FTSE 100 (UKX) Resumes Downward Move, Revisits the Low of 5800

FTSE 100 (UKX) Resumes Downward Move, Revisits the Low of 5800

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 share has continued to consolidate sideways since June. The price is fluctuating between levels 6000 and 6400. The bulls and bears are yet to break levels of the market. The price has fallen and approaching level 5800. The index is already in the bearish trend zone.

UKX- -Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally. It indicates the current sideways trend. Presently, the share is at level 42 of the Relative Strength Index. The price has fallen to the support level and resumes an upward move.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share is in a downward move. A retraced candle body tested the 0.50 Fibonacci retracement level. The index will fall and reached a low of 2.0 Fibonacci retracement level. That is the index will fall to level 5800.

UKX – 4 hour Chart

4-hour Chart Indicators Reading
The market has fallen below a 20% range of the daily stochastic. It indicates that the price is in a bearish momentum. The 21-day and 50-day SMAs are sloping downward move.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is still in a downward move. The index has been on a downward move for the past six days. According to the price action, the market will reach a low of 5800.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.