FTSE 100 (UKX) Reaches Bearish Exhaustion, May Reverse at Level 6259.30

FTSE 100 (UKX) Reaches Bearish Exhaustion, May Reverse at Level 6259.30

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 has continued the downward move. On January 29 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement level indicates that the share is likely to fall to level 1.272 Fibonacci extension and reverse. That is the low of 6259.30.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the previous trend. Presently, the share is at level 42 of the Relative Strength Index. It indicates that the UKX is in the downtrend zone and it is capable of falling.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share is in a downward move. On the January 28 downtrend, a retraced candle body tested the 78.6 % Fibonacci retracement level. The retracement indicates that the share will fall to level 1.272 Fibonacci extensions. That is the low of 6260.10.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The share is below the 60% range of the daily stochastic. It indicates that the share is in a bearish momentum. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is still in a downward move. The share has reached bearish exhaustion. The price is likely to reverse at level 6260.10.


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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.