FTSE100 Is In A Sideways Move As It Declines To Level 6998 Low

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) price is in a sideways trend but as it declines to level 6998 Low. The index price has fallen below the moving averages. UKX has fallen to level 7143  below-moving averages. The market is expected to decline to the previous low of level 7014 before resuming an upward move. The current support level has been held since November 2021.

Daily Chart Indicators Reading:
UKX is at level 43 of the Relative Strength Index for period 14. FTSE 100 is in the downtrend zone as it declines to the current support. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. 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. The price has broken below the moving averages indicating a possible revisit of the previous low. 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 6999.77.

4-hour Chart Indicators Reading
UKX is below the 40% range of the daily stochastic. The market is in 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 downtrend as it declines to level 6998 low. At the previous low, the market is expected to resume upward.


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