FTSE100 Reaches Bearish Exhaustion Revisits the Previous Low at Level 6998.17

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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 downtrend as it revisits the previous low at level 6998.17. The index will resume upward if the current support holds. UKX will decline to level 6829.13 if the price breaks below the current support. 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. From the price action, the index has fallen to level 7020.

FTSE100 Reaches Bearish Exhaustion Revisits the Previous Low at Level 6998.17
UKX – Daily Chart Chart

Daily Chart Indicators Reading:
UKX is at level 34 of the Relative Strength Index for period 14. FTSE 100 is in the downtrend zone and approaches the oversold region, The 21-day line SMA and the 50-day line SMA are sloping southward indicating a 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. On June 21, the bulls failed to break the 21-day line SMA as the index continues its downward move. 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.

FTSE100 Reaches Bearish Exhaustion Revisits the Previous Low at Level 6998.17
UKX – 4 Hour Chart

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 revisits the previous low at level 6998.17. The current downtrend my hold above level 7000. On June 17, the support was held as the index resumed upward.

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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.