Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) is in an upward move as price broke the resistance at a level of 7000. Today, the uptrend is still rising. However, on April 16, the bulls broke the resistance but buyers could not sustain the bullish momentum. Consequently, the index slumped to level 6850 and resumed upward. Meanwhile, on April 9 uptrend, a retraced candle body tested the 78.6 Fibonacci retracement level. The 78.6% Fibonacci retracement level indicates that the market will rise and reverse at level 1.272 Fibonacci extension. From the price action, the market has reversed at the Fibonacci 1.272 extension.
Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the trend. The index has risen to level 63 of the Relative Strength Index. In indicates that the market is in the bullish trend zone and above the centerline 50.
FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE is in an upward move. The index price has broken above the moving averages which suggests that the market is likely to rise on the upside. In the current trend, if the bulls sustain the current bullish momentum, upside momentum will continue.
4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic. UKX is approaching the overbought region of the market. . The 21-day and 50-day SMAs are sloping upward indicating the uptrend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) uptrend is facing resistance at the 7050 resistance zone. On April 16, the bulls could not breach the resistance at 7050 which resulted in the downward movement of the coin. Today, buyers are struggling to break the same resistance level.
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