FTSE 100 (UKX) in a Downward Move, May Reach the Low of Level 5700

Estimated Reading Time: 2 minutes

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Azeez Mustapha

Updated: 13 October 2022

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 action is characterized by small body candlesticks. The bears have broken the lower levels of the market. Presently, the share is approaching level 5700.

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 36 of the Relative Strength Index. The price has fallen to the support level and has continued the downtrend.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share is in a sideways move. The market is in a choppy price action. The share is in a downtrend. The earlier sideways move has been broken as share make a downward move.

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. The market is falling as it ls approaching the low of level 5700.

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