FTSE 100 (UKX) Retraces From Level 7300, Further Selling Pressure Likely


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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) is falling after reaching level 7320 resistance zone. The index is likely to retrace and find support above the previous resistance level of level 7200. In previous price action, all the retracements found support above level 7200 before an upward resumption of the trend. Meanwhile, on October 18 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will rise but will reverse at level 1.272 Fibonacci extension or level 7310.53. From the price action, UKX tested the Fibonacci extension or level 7310.53 and resumed a downtrend.

UKX – Daily Chart

Daily Chart Indicators Reading:
The index has fallen to level 57 of the Relative Strength Index period 14. It indicates that it is in the uptrend zone and above the centerline 50. It is also capable of rising on the upside. The 21-day and 50-day SMAs are sloping upward indicating the uptrend. The crypto’s price is above the moving averages which indicate a possible rise.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 1 hour chart, FTSE 100 is in an uptrend. UKX has earlier retraced to the support above level 7220. Presently, the index is consolidating above the current support. If price breaks above the moving averages, the market will resume an upward move. The index will revisit the previous highs of level 7280. The upward move is facing rejection at level 7240.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 50% range of the daily stochastic. The stochastic bands are sloping horizontally indicating the sideways trend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has resumed a fresh uptrend but faces rejection at level 7303. UKX is likely to resume a new uptrend after a retracement to level 7200.

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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.