FTSE100 Is in a Downward Correction but Struggles Below 7200

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 (UKX) price is in a downward correction but struggles below 7200. Since June 28, buyers have had the intention of keeping the price above the moving average lines but could not. Nonetheless, the downtrend has subsided as bulls broke the 21-day line SMA. Meanwhile, on June 14 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will fall to level 1.272 Fibonacci extension or level 6995.28.

FTSE100 Is in a Downward Correction but Struggles Below 7200
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 48 of the Relative Strength Index for period 14. FTSE 100 is in the downtrend zone but it is approaching the bullish trend zone. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. The index price bars are above the 21-day line SMA but below the 50-day line SMA indicating a possible range-bound move.

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4-hour chart, UKX is in a sideways move. The index is fluctuating below level 7300. The price action is also characterized by small body indecisive candlesticks. It indicates that buyers and sellers are undecided about the direction of the market.

FTSE100 Is in a Downward Correction but Struggles Below 7200
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is above the 60% range of the daily stochastic. The market is in a bearish momentum. The 21-day line and the 50-day line SMAs are sloping southward indicating the downtrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a downward correction but struggles below 7200. The index has resumed its upward move as price breaks above the 21-day line SMA. A break above the 50-day line SMA will signal the resumption of the uptrend.


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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.