FTSE100 Is in a Sideways Trend but Holds Above 7000
Azeez Mustapha
Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
Since January, FTSE 100 (UKX) price has been in a sideways trend but holds above 7000. Buyers have failed to keep the price above level 7600 overhead resistance. The index has been fluctuating between level 7000 and 7600 price levels. Presently, the index is trading above level 7000. Since June, the bears have been retesting the current support to break below it.
Daily Chart Indicators Reading:
UKX is at level 40 of the Relative Strength Index for period 14. FTSE 100 is in the downtrend zone but it is approaching the bearish trend zone. 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 21-day line SMA and the 50-day line SMA indicating a possible decline.
FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4-hour chart, UKX is in a sideways move. The index is fluctuating between levels 7000 –7300 price levels. 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.
4-hour Chart Indicators Reading
UKX is below the 20% range of the daily stochastic. The market has fallen below the oversold region of the market. The 21-day line and the 50-day line SMAs are sloping horizontally indicating a sideways trend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a downward correction but holds above 7000. The bears have been retesting the current support but fail to break below it. The index is in the oversold region and may attract buyers from the oversold region.
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