Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Bullish
Since September 21, FTSE 100 (UKX) has been making an upward move. The index has broken above the moving averages. UKX will rise to retest the overhead resistance at level 7200. A break above the overhead resistance will signal upside momentum. The range-bound move will commence if the overhead resistance remains unbroken.
Daily Chart Indicators Reading:
UKX is at level 51 of the Relative Strength Index. It indicates that there is a balance between supply and demand. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend. The index price is above the 21-day and 50-day SMAs which indicates a possible rise of the index.
FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4 hour chart, FTSE 100 is in an upward move. The bullish momentum has broken above the moving averages as the index rally on the upside. Meanwhile, on September 23 downtrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that UKX will rise to level 1.618 Fibonacci extension or level 7230.86
4-hour Chart Indicators Reading
UKX is above the 80% range of the daily stochastic. It indicates the index has reached the overbought region of the market. The 21-day and 50-day SMAs are sloping downward indicating the downtrend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has resumed upside momentum as price breaks above the moving averages. According to the Fibonacci tool analysis, UKX will rise to level 1.618 Fibonacci extension or level 7230.86.
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