FTSE 100 (UKX) Rallies to Level 7400 Resistance Zone, May Face Rejection


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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) is in an uptrend. Buyers have pushed UKX above the moving averages. The uptrend has reached and retested the resistance level at 7400. FTSE 100 is facing rejection at the previous high. If UKX declines, it will retrace to the low of level 7200. The uptrend will resume if it retraces above the moving averages.

UKX – Daily Chart

Daily Chart Indicators Reading:
The index is at level 58 of the Relative Strength Index period 14. UKX is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The crypto’s price is above the moving averages which indicate a possible rise of the index.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4 hour chart, FTSE 100 is in an upward move. The index has risen and retests the resistance zone at level 7400. UKX appears to reach the overbought region of the market
Meanwhile, on December 1 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that UKX will rise to level 2.0 Fibonacci extension or level 7322.27.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The index has reached the overbought region. Sellers will emerge to push prices down. The moving averages are pointing upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has attained and reached the resistance zone of 7400. However, the index is retracing as it reaches the overbought region. The uptrend will resume if price retraces above the moving averages.

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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.