FTSE 100 (UKX) Reaches the Overbought Region, May Resume Selling Pressure

21 October 2021 | Updated: 21 October 2021

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) has risen to the high of level 7223.11. The index is facing rejection at a recent high. The overhead resistance has not been broken since May. Presently, the index is falling as it faces rejection. Meanwhile, on September 27 uptrend; 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 7420.97.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 60 of the Relative Strength Index period 14. It indicates that the index is in the uptrend zone and it is above the centerline 50. It is also capable of rising on the upside. The 21-day and 50-day SMAs are sloping horizontally indicating the trend. The crypto’s price is above the moving averages which indicate a possible rise.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE 100 is in an uptrend. The index has broken above the moving averages to reach the high of $7,234. UKX retraces after the first rejection but it has risen to make another retest. Meanwhile, on October 18 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that UKX will rise to level 1.618 Fibonacci extension or level 7338.65.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. The market has reached the overbought region. Sellers are likely to emerge to push prices down. The index has been overbought since October 7.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is facing rejection at the overhead resistance level. The index is likely to fall and resume the range-bound move below the overhead resistance. In previous price action, the bulls have not broken the overhead resistance at level 7200.

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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.