FTSE100 Is in a Sideways Move as It Struggles Below 7560 High

Updated:

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) price is making an upward correction it struggles below 7560 high. The index was earlier in a downward move as it fell to the low of level 7339. UKX is trading now between the moving averages. It is above the 50-day line SMA but below the 21-day line SMA. The index will be compelled to a range-bound move if the moving average lines remain unbroken. UKX will resume an uptrend when the 21-day line SMA is breached. In the same vein, the market will decline when the 50-day line SMA is breached.

FTSE100 Is in a Sideways Move, Unable To Sustain Above 7560
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 50 of the Relative Strength Index for period 14. It indicates that there is a balance between supply and demand. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways trend. The index price bars are between the moving averages indicating the sideways move.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, UKX is in a downward correction. The index corrected upward but faced rejection at level 7550. Presently, it is fluctuating between the moving averages. UKX will continue its range-bound move if the price fluctuates between the moving averages.

FTSE100 Is in a Sideways Move as It Struggles Below 7560 High
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is below the 80% range of the daily stochastic. The index is in a bearish momentum. It was earlier in the overbought region of the market. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. The index price bars are between the moving averages which indicate a possible range bound move.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a downward correction it struggles below 7560 high. The index is likely to be range-bound between the moving averages for a few more days

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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.