FTSE100 Declines to the Oversold Region as It Faces Rejection at 7630

Updated:

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

FTSE 100 (UKX) Long-term Trend: Ranging
Generally, FTSE 100 (UKX) price is in a sideways move as it faces rejection at 7630. The index formed a bearish double top on May 31 and June 6 which led to the current decline. Today, the bears have broken below the moving averages indicating further downward movement of prices. UKX may decline to the previous low of level 7240.

FTSE100 Declines to the Oversold Region as It Faces Rejection at 7630
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 38 of the Relative Strength Index for period 14. It indicates that the index has fallen and it is approaching the oversold region of the market. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways trend. The index price bars are below the moving averages indicating the downtrend.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, UKX is in a downtrend. UKX price is making a series of lower highs and lower lows. The downtrend subsided on June 7 as it consolidates above level 1725. The current support has been holding since May 27.

 FTSE100 Declines to the Oversold Region as It Faces Rejection at 7630
UKX – Daily 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 horizontally indicating a sideways move.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a downward move as it faces rejection at 7630. The selling pressure may continue as price breaks below 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.