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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Bullish
UKX index is making an upward move. The index is rising to retest the overhead resistance at level 7200. If the bulls break the overhead resistance the upward move will resume. In the previous price action, the index has been in a sideways trend. Each time the overhead resistance is retested the market will fall to level 7000 and resume upward.
Daily Chart Indicators Reading:
UKX is at level 46 of the Relative Strength Index. The index is in the bearish trend zone and below the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the trend. The price bars are below the moving averages which indicate a possible decline.
FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE is in an upward move. The price has broken above the moving averages which indicate a possible rise of the index. Meanwhile, on July 20 uptrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that UKX will rise to level 2.618 Fibonacci extension or level 7112.71.
4-hour Chart Indicators Reading
FTSE 100 is above the 80% range of the daily stochastic. It indicates that the market is in bullish momentum. Also, the index has reached the overbought region of the market. Sellers are likely to emerge. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is likely to resume an upward move. There is the possibility of a further upward move as price is in the bullish trend zone. According to the Fibonacci tool, FTSE 100 will rise to level 2.618 Fibonacci extension or level 7112.71.
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