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 but unable to break level 7463. The index plunged to the low of level 7339 on April 25. UKX dropped sharply to the oversold region. Immediately buyers emerged in the oversold region to push prices upward. The current downtrend has subsided as the market reaches the oversold region. Meanwhile, on April 12 downtrend; a retraced candle body tested the 50% Fibonacci retracement level. The retracement suggests that UKX will fall to level 2.0 Fibonacci extension or level 7414.36.
Daily Chart Indicators Reading:
UKX is at level 44 of the Relative Strength Index for period 14. UKX is back to the bearish trend zone and below the centerline 50. The index price bars are below the moving average indicating the downtrend. The 21-day line SMA and the 50-day line SMA are sloping downward indicating downward.
FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, UKX is in a downtrend as it fell significantly to the previous lows. The index fell to level 7339 and resumed consolidation above it. UKX is trading in the oversold region of the market.
4-hour Chart Indicators Reading
UKX is above the 25% range of the daily stochastic. The index was earlier in the oversold region of the market. Buyers are emerging to push prices upward. The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend. The index price is below the moving averages which are responsible for the price fall.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has fallen to the oversold at level 7339 but unable to break level 7463. The upward move is facing resistance at level 7463. Presently, the market is confined to a range because of the resistance at level 7463.
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