FTSE 100 (UKX) Rally Stalls At Level 7050, Fluctuates Between Levels 6800 And 7050

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX is in an uptrend. The index retested level 7050 and fell to level 6857. FTSE 100 is now resuming a fresh uptrend to revisit the previous highs. On the upside, if price breaks the resistance at level 7050, the uptrend will continue. From the price action, the market has reversed from level 1.272 Fibonacci extensions to 78.6% Fibonacci retracement level. The index has commenced a new uptrend.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the trend. The index has fallen to level 53 of the Relative Strength Index. In indicates that the market is in the bullish trend zone and above the centerline 50.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE 100 plunged to the oversold region of the market. This is after the index retested level 7040. On April 12, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the market will rise to level 1.272 Fibonacci retracement level and reverse. The price action has fulfilled the Fibonacci extension level. The index is resuming upward.

4-hour Chart Indicators Reading
FTSE 100 is below the 20% range of the daily stochastic. It indicates that UKX has fallen into the oversold region of the market. There is a tendency for buyers to emerge in the oversold region of the market. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. FTSE 100 has a bullish crossover.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has fallen into the oversold region of the market. This implies that buyers will emerge to push prices upward. The index will rise to revisit the resistance at level 7050 and break above it.


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