FTSE 100 (UKX) Reaches the Overbought Region, May Reverse At Level 7008 or 7015 High

FTSE 100 (UKX) Reaches the Overbought Region, May Reverse At Level 7008 or 7015 High

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 has continued to show bullishness despite the minor retracement. UKX has resumed an upward move to retest the resistance at level 6950. The uptrend will resume once the resistance is breached. Meanwhile, on the March 9 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the market will rise to level 1.272 Fibonacci retracement level or the high of level 7015.30.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the trend. The index has risen to level 65 of the Relative Strength Index. The index has limited room to rally on the upside.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 Hour Chart, FTSE 100 is also in an uptrend. UKX tested the resistance at level 6950 and was repelled. The market retraced to level 6875 and resumed upward. Meanwhile, on the March 9 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This implies that the market will rise to level 1.272 Fibonacci retracement level or the high of level 7008.90.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
FTSE 100 is above the 50% range of the daily stochastic. It indicates that UKX is in bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) traded and reached the overbought region of the market. According to the Fibonacci tool analysis, the market will reach level 7008.90 or 7015.30 and reverse. UKX is presently battling to break level 6950.

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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.