FTSE 100 (UKX) Resumes an Uptrend but Faces Resistance at Level 7190

Updated:

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 (UKX) is in a downward move after rejection at level 7400. The downtrend has reached bearish exhaustion. The index rebounded above level 7005 and it is approaching the high of level 7220. There is a likelihood of the index facing resistance at the high of level 7220. The index will resume up trending when price breaks above the moving averages.

UKX – Daily Chart

Daily Chart Indicators Reading:
The index has fallen to level 46 of the Relative Strength Index period 14. UKX is in the downtrend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The crypto’s price is below the moving averages which indicate a possible fall.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4 hour chart, FTSE 100 is recovering after the recent downtrend. The upward correction is facing rejection at the 21-day SMA. Meanwhile, on November 19 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement indicates that UKX will fall to level 2.0 Fibonacci extension or level 6998.34.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 50% range of the daily stochastic. The index has resumed bullish momentum. The moving averages are pointing downward indicating the downtrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has regained bullish momentum. However, UKX is facing rejection at the level 7200 resistance zone. A break above the recent high will catapult the index to the bullish trend zone.

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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.