FTSE 100 (UKX) Faces Rejection but Consolidates Below Level 6400

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RESULTS

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 is in an upward movement since November 2. The share has reached the overbought region of the market. On November 16 and 25, the candlesticks possess long wicks. These candlesticks indicate that there is strong selling pressure at a higher price level. The share is likely to fall.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. Presently, the share is at level 65 of the Relative Strength Index. The market is in an uptrend zone and above the centerline 50.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the share is in an upward move. However, the market is reaching the overbought region. On November 11 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This explains that the share is likely to reach level 1.272 Fibonacci extensions and reverse. That is the high of level 6620.30.

4-hour Chart Indicators Reading
The share is below the 40% range of the daily stochastic. It indicates that the market is in a bearish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.


General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is presently rising but faces strong selling pressure at higher at a higher price level.The Fibonacci tool is indicating that the share has reached the overbought region of the market. The share is consolidating below level 6400.


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