FTSE 100 (UKX) Trades in a Range as the Bulls and Bears Reach Equilibrium


Resistance Level: 7,500, 7, 600, 7,700
Support Level: 7,400, 7,300, 7,200

FTSE 100 (UKX) Long-term Trend: Ranging
Today, FTSE 100 stock is bouncing upward and it has risen to the high of 7486. Recently, the stock fell to a low of 7400 after being resisted from the high of 7,700. FTSE 100 stock has been fluctuating between 7,100 and 7,700 since March. The stock price has been unsteady for some time. It is neither falling nor rising.

On December 5, the stock fell to a low of 7,100. That would have been the time to invest in FTSE 100 stocks. On January 17, the stock reached its highest value of $7,700 and was resisted. In the meantime, FTSE 100 is still fluctuating between 7,100 and 7,700. Neither the bulls nor the bears are yet to break the range – bound levels.

UKX - Daily Chart

Daily Chart Indicators Reading:
FTSE 100 is currently above 20% range of the daily stochastic. This implies that the stock is in a bullish momentum. The stock market has been dull due to the weak bullish momentum. The 21-day SMA and the 50-day SMA are sloping horizontally indicating that the stock is ranging.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the stock is in an upward move. In October and November, the bulls have been making concerted efforts to break the 7,400 price level but were unsuccessful. In December, the bulls succeeded in breaking the resistance at 7,400, as the stock reaches a high of 7,600.

UKX - 4 Hour Chart

4-hour Chart Indicators Reading
The RSI period 14 level 43 indicates that the stock is in a range bound zone. The stock is yet to be oversold or overbought as the stock continues its range-bound movement. The market is going up and down.

General Outlook for FTSE 100 (UK)
FTSE 100 stock is still in a range-bound movement. Buyers will be attracted if the stock value is appreciating. Although, investors will buy the stock when it is oversold and sell when the stock price appreciates.

FTSE 100 (UKX)Trade Signal
Instrument: FTSE 100 (UKX)
Order: No buy or sell signal.
N/B. The RSI is yet to fall below level 30 at the time of writing.

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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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.