FTSE 100 (UKX) Reaches Overbought Region as It Declines to Level 7461

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

    FTSE 100 (UKX) Long-term Trend: Bullish
    The FTSE 100 (UKX) price had been rising since October 12 as it declines to level 7461. The index surged to a high of 7600 on November 30. UKX is currently declining after hitting resistance in the overbought area. The moving average lines or level 7472 have been crossed. If the price remains above the moving average lines, the index will start heading up again. On the other side, if the price drops below the moving average lines, selling pressure would pick up again.
FTSE 100 (UKX) Reaches Overbought Region as It Declines to Level 7461
UKX – Daily Chart

Daily Chart Indicators Reading:
The UKX is at level 60 on the Relative Strength Index for period 14. After entering the overbought area, the index is now retracing. A trend upward is shown by the rising 21-day and 50-day SMA lines. Since the index price bars are higher than the moving average lines, an uptrend may be developing.

FTSE 100 (UKX) Medium-term Trend: bullish
The UKX price is rising steadily on the 4-hour chart, pointing to an uptrend. The price of UKX increased before falling after testing level 7600 as resistance. The moving average lines have been breached by the negative momentum, signaling a further slide.

 FTSE 100 (UKX) Reaches Overbought Region as It Declines to Level 7461
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
Due to its decline below the daily stochastic level of 20, UKX has reached the oversold area. The moving average lines are below the price bars, signaling a further decrease. The 21-day and 50-day lines’ SMAs are going upward, which denotes an uptrend.

General Outlook for FTSE 100 (UKX)
The FTSE 100 has hit its limit of bullishness as it declines to level 7461. In the overbought area, sellers have emerged to drive prices lower. The oversold area has been reached by the current decrease. Selling will probably slow off.

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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.