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Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) price has been in a sideways trend as it struggles below level 7300 high. Since June 16, UKX has been trading in a confined range between levels 7000 and 7300 price levels. On July 19, the bulls attempted to break the resistance at level 7300 but were repelled. The current range-bound move will continue for more days. In the same vein, the price bars are confined between the moving average lines. On the upside, if the bulls break above the 50-day line SMA, the index will revisit level 7600. Also, the downtrend will resume if price breaks below the 21-day line SMA.
Daily Chart Indicators Reading:
UKX is at level 52 of the Relative Strength Index for period 14. It is in the uptrend zone but unable to break above level 7300. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways trend. The index price bars are above the 21-day line SMA but below the 50-day line SMA indicating a range-bound move.
FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4-hour chart, UKX is in a sideways move. The index is in a range bound between levels 7000 –7300 price levels. Since June 16, the market is yet to trend as UKX is confined in a range.
4-hour Chart Indicators Reading
UKX is below the 80% range of the daily stochastic. The stochastic band is sloping upward indicating a bullish move. . The 21-day line and the 50-day line SMAs are sloping horizontally indicating a sideways trend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a sideways move as it struggles below level 7300 high. The index has been confined to a range for the past month. UKX is yet to trend. The uptrend will resume if price breaks above level 7300 and the bullish momentum is sustained
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