Annual Forecast for FTSE 100 (2021): UKX Breathes Bullishness; Good Returns Are Still Likely…

28 December 2020 | Updated: 28 December 2020

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.

UKX – Monthly Chart

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.

UKX – Weekly Chart

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.



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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.