FTSE 100 (UKX) Is Fluctuating Between Levels 5700 and 6300

FTSE 100 (UKX) Is Fluctuating Between Levels 5700 and 6300

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 Fluctuating between levels 5700 and 6300.

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 55 of the Relative Strength Index. The market is in a uptrend zone and above the centerline 50.

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4-hour chart, the share is in a sideways move. The index is in a choppy price action. The price action is characterized by small body candlesticks.

UKX – 4 Hour Chart

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 index is also in the overbought region of the market. Prices may fall.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. Sellers may emerge to push prices down.

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Author : Azeez Mustapha

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