FTSE 100 (UKX) Ranges After Rejection at 7,600

FTSE 100 (UKX) Ranges After Rejection at 7,600

Resistance Level: 7,500, 7, 600, 7,700
Support Level: 7,400, 7,300, 7,200

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 stock is now in range-bound movement between 7,000 and 7,600. The bulls will turn down after testing the resistance at 7,600. This has been the scenario since July. The stock also finds support at 7,000 when it falls in value. During the months under review, the stock was less valuable in August, October, and December.

FTSE 100 stock has more value during July and January. From the chart, it is advisable to buy the stock when it falls to the lower price range. In the upper price range, the stock will be expensive to buy. Meanwhile, the stock is ranging within the price range.

UKX - Daily Chart

Daily Chart Indicators Reading:
The EMAs are sloping horizontally signifying the range-bound movement. The Relative Strength Index period 14 has dropped to level 45 indicating the stock is in a range bound zone. It also indicates that the price is fluctuating.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the stock is in a bullish trend zone, a bullish trend line is drawn showing the support levels of price. The price is falling after testing the overhead resistance. If the selling pressure persists, the stock will find support at the trend line.

UKX - 4 Hour Chart

4-hour Chart Indicators Reading
The RSI period 14 level 42 indicates that the stock is in a range bound zone. Presently, the price tests the trend line and moves upward. Most times the price will rise retest the overhead resistance. This will result in a downward movement of the stock.

General Outlook for FTSE 100 (UKX)
FTSE 100 stock is now in a range between 7000 and 7,600. On the upside, if the bulls break the 7,600 resistance, the stock price will rise. On the downside, if the bears break below 7,000, the stock. That will be appropriate to buy stocks.

FTSE 100 (UKX)Trade Signal
Instrument: FTSE 100 (UKX)
Order: No buy or sell signal.
N/B The RSI is yet to fall below level 30 at the time of writing.

Note: Learn2Trade.com 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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Author : Azeez Mustapha

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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.