FTSE100 Declines as It Is Unable to Sustain above Level 7600

Updated:


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

FTSE 100 (UKX) Long-term Trend:Bullish
FTSE 100 (UKX) price is in an upward move but unable to sustain above level 7600. Today, it is retracing as the index reaches the overbought region of the market. On the downside, if Ether retraces above the moving averages, the uptrend will resume. The downtrend will persist if price breaks below the moving averages.

FTSE100 Declines as It Is Unable to Sustain above Level 7600
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 52 of the Relative Strength Index for period 14. It indicates that the index has risen to the bullish trend zone and it is capable of a further upward move. 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 moving averages indicating the uptrend.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, UKX is in a downtrend. The index price has fallen below the 21-day line SMA but it is above the 50-day line SMA. Presently, the coin is in a sideways move.

 FTSE100 Declines as It Is Unable to Sustain above Level 7600
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is below the 40% range of the daily stochastic. The market is in a bearish momentum The selling pressure is approaching the oversold region of the market. The 21-day line and the 50-day line SMAs are sloping uptrend indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in an uptrend but it is unable to sustain above level 7600. The index has reached level 7600 and now it is in a downward move. It may resume an uptrend again if finds support above the moving averages.


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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.