FTSE 100 (UKX) Consolidates Above Level 5800, Upward Move Unlikely

FTSE 100 (UKX) Consolidates Above Level 5800, Upward Move Unlikely

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 is in a range bound move since June. The price is consolidating above the lower price range. 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. The price action has remained the same.

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 6 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.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The market has fallen above 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 in a sideways move.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is in a sideways move. The price is in the bearish trend zone. The price is likely to fall or be range-bound above the lower price range.

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Author : Azeez Mustapha


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