FTSE 100 (UKX) Struggles Below Level 7200 Overhead Resistance, Uptrend Unlikely


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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) is rising in a sideways trend. The market has risen to level 7146 as it faces rejection from the resistance zone. UKX has been trading below level 7200 overhead resistance. Since May, buyers are yet to breached the overhead resistance. The index had been fluctuating between levels 6900 and 7200.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 56 of the Relative Strength Index. It indicates that the market is in the downtrend zone and it is above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the trend. The crypto’s price is above the moving averages which indicate a possible rise.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE 100 has broken above the moving averages. The uptrend is facing resistance at level 7150. The index has been repelled twice after two attempts at the resistance.
Meanwhile, on October 11 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will rise to level 1.272 Fibonacci extension or level 7192.83.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is above the 80% range of the daily stochastic. The market has reached the overbought region. However, the stochastic is sloping horizontally. The index is attempting to resume bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has been trading in the bullish trend zone in October. The index has been in an upward move but the bulls are yet to break the overhead resistance. A break above overhead resistance will accelerate the upward move.

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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.