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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 has a breakdown in the first quarter of 2020. UKX has an opening balance of 7542.40 in January. FTSE 100 (UKX) share crashed to level 4898.80 and the price corrected upward. The share corrected upward but faced rejection at level 6600. The price pulled back and resumed sideways move below level 6600. The upward move is being resisted at level 6600.
FTSE 100 (UKX) Price Predictions: Monthly Chart
FTSE 100 (UKX) share is in a sideways trend after the breakdown. It is at level 48 of the Relative Strength index period 14. It indicates that the market is in the downtrend zone and below the centerline 50.
FTSE 100 (UKX) Price Predictions: Weekly Chart
After the first quarter breakdown, the market fluctuates between levels 5120 and 6700. The price tested level 6700 and it fell back to the range-bound zone. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.
Conclusion
UKX plunged to its lowest level in the first quarter of 2020. Since April, US and European stocks have tumbled as surging coronavirus cases and a lack of US stimulus sent shockwaves through markets. The stock market is currently at a low price, people can invest now, meaning it could offer a good return over the next 5 to 10 years. By January 2021, FTSE 100, will be as high as 7,650.56.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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