FTSE 100 (UKX) Retraces after Rejection from Level 6680

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is in an uptrend but faces rejection at level 6800. In January and February, buyers have been repelled as they attempt to break above level 6800. At each resistance, the market will fall to level 6400. Today, UKX is making an upward move but may face resistance at the recent high.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the trend. Presently, the share is at level 52 of the Relative Strength Index. It indicates that the UKX is in the uptrend zone and above the centerline of 50.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the share is making an upward move. On March 3 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that the share will rise to level 1.272 Fibonacci extensions. That is the high of 6770.90 and reverse.

4-hour Chart Indicators Reading
The share is above the 70% range of the daily stochastic. It indicates that the share is in a bullish momentum. However, the share is presently retracing. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is retracing after reaching the high of level 6680. The upward movement will resume as soon as the price finds support. According to the Fibonacci tool, the market will rise ad reverse at level 1.272 or level 6770.90



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