FTSE 100 (UKX) Rallies To Level 6900, May Face Rejection at the Recent High


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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is in a sideways trend. The index rebounded above level 6750 and it is approaching the resistance at level 6900. The uptrend will resume if the overhead resistance is breached. In the previous uptrend, the overhead resistance could not be breached. Meanwhile, on the March 16 uptrend, a retraced candle body tested the 50% Fibonacci retracement level. This implies that the market will rise to level 2.0 Fibonacci retracement level or the high of level 7060.20.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the trend. The index has risen to level 64 of the Relative Strength Index. UKX is approaching the overbought region of the market. The index has limited room to rally on the upside.

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4 Hour Chart, FTSE 100 is also in an uptrend. The index price has reached the overbought region and it is facing resistance. On March 30 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. It indicates that the index will reach level 1.618 Fibonacci extension or the high of level 6897.20.

UKX – 4 hour Chart Chart

4-hour Chart Indicators Reading
FTSE 100 is above the 80% range of the daily stochastic. It indicates that UKX is in the overbought region. The market is expected to fall as it reaches the overbought region. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has risen to the overbought region of the market. Since January, the bulls are yet to break level 6900. The market has always been overbought at the overhead resistance at 6900. Today, UKX is trading at level 6885.30 at the time of writing.

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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.