Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) price has been in sideways move as it faces rejection at 7538. Since January 17, Buyers have failed to keep the price above level 7600 overhead resistance. Since April 8 rejection, UKX has been falling as price made a series of lower highs and lower lows. Today, the index is making lower lows to the downside. A lower low will be established if price breaks below level 7216.
Daily Chart Indicators Reading:
UKX is at level 43 of the Relative Strength Index for period 14. It indicates that it is in the downtrend zone and capable of falling to the downside. 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 sideways move. Buyers have not been able to break above the overhead resistance. UKX has been fluctuating below level 7600 overhead resistance. Today, the price has broken below the moving averages after rejection from the overhead resistance.
4-hour Chart Indicators Reading
UKX is below the 20% range of the daily stochastic. UKX is trading in the oversold region of the market. Buyers will emerge to push prices upward. The 21-day line and the 50-day line SMAs are sloping downward indicating the downtrend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a sideways trend as it faces rejection at 7538. The market is resuming upward as buyers emerge in the oversold region of the market.
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