FTSE 100 (UKX) Reaches Level 6000, May Resume Downtrend

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
The market is range bound move since June. The price action is characterized by small body candlesticks. The bears have broken the lower levels of the market. Presently, the index is trading at a lower price range.

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 48 of the Relative Strength Index. The market is in a downtrend zone and below the centerline 50.

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4-hour chart, the share is in a sideways move. The price is fluctuating between level 6300 and 5850. The share is moving up after testing the lower price level.

4-hour Chart Indicators Reading
The market has fallen above 80% range of the daily stochastic. It indicates that the price is in a bearish momentum. The 21-day and 50-day SMAs are sloping in a sideways move.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is in an downward move. The index is approaching the oversold region of the market. Buyers may emerge to push prices down. In a trending market, the overbought or oversold conditions.

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