FTSE100 Resumes Uptrend as It Targets Level 7568 High

Updated:

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

FTSE 100 (UKX) Long-term Trend:Bullish
FTSE 100 (UKX) price is in an upward move as it targets level 7568 high. The bulls have broken above the moving averages to reach the high of level 7543. Since January, the index has not traded above level 7600 overhead resistance. There have been false breakouts above the overhead resistance. The index is likely to continue to rise as it is above the moving average. Nonetheless, it is likely to face resistance at 7600 overhead resistance.

FTSE100 Resumes Uptrend as It Targets Level 7568 High
UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 54 of the Relative Strength Index for period 14. It indicates that the index has risen to the bullish trend zone and capable of a further upward move. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways trend. The index price bars are above the moving averages indicating the uptrend

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, UKX is in an uptrend. The index price has broken above the moving averages. Meanwhile, on May 20 uptrend; a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that UKX will rise to level 1.618 Fibonacci extension or level 7568.43.

FTSE100 Resumes Uptrend as It Targets Level 7568 High
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is above the 80% range of the daily stochastic. FTSE has risen to the overbought region of the market. The current uptrend is likely to face resistance in the overbought region. Sellers will emerge to push prices down. The 21-day line and the 50-day line SMAs are sloping uptrend indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in an uptrend as it targets level 7568 high. The index has risen and it is approaching the overhead resistance at level 7600. UKX has been facing rejection at the 7600 overhead resistance since January.


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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.