FTSE 100 (UKX) Recovers and Resumes Uptrend, Attempts to Breach Level 7400

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) has broken above the moving averages as it attempts to breach level 7400. The implication is that the index will rise to the upside. Since November 11, buyers have failed to keep the index price above level 7400. For the past month, the bulls have suffered three rejections. A fourth attempt is made to retest the overhead resistance at level 7400. FTSE 100 will rally to level 7800 if the overhead resistance is breached. Meanwhile, on December 8 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 7754.19.

FTSE 100 (UKX) Recovers and Resumes Uptrend, Attempts to Breach Level 7400
UKX – Daily Chart

Daily Chart Indicators Reading:
The recent uptrend has pushed the index to level 57 of the Relative Strength Index for period 14. It indicates that UKX is in the uptrend zone and capable of rising to the upside. The index is capable of falling on the downside. The moving average is sloping horizontally indicating the sideways move. The index’s price is above the moving averages indicating a possible rise of prices.

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4 hour chart, FTSE 100 is in a sideways trend. The index has been in a sideways move since November 11. Each time the bulls retest the overhead resistance, the market would fall to the previous low. Today, the upward move has resumed as the index retest level 7400.

FTSE 100 (UKX) Recovers and Resumes Uptrend, Attempts to Breach Level 7400
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. It implies that the index has reached the overbought region of the market. The uptrend may face another rejection. That is, sellers will emerge to push prices down.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in an upward move as it attempts to breach level 7400. The index upward move has been restricted below level 7400. The bulls are yet to break above the overhead resistance.

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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.