FTSE100 (UKX) Breaches 5750 Resistance, Resumes Upward Move


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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 upward move is continuing as the resistance at 5750 has been broken. Will the upward move continue? On the upside, UKX will rise to the high of 6750 if the bulls sustain the upward move. However, the share may face resistance at 6000 as the market may soon reach the overbought region. Sellers may emerge if the share is overbought.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX share is above 80% range of the daily stochastic. This implies that the market has reached the overbought region. We should expect the emergence of sellers in the overbought region. The 21-day SMA and 50-day SMA are still sloping downward indicating bear market.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the bulls broke the resistance line and resume an upward move. The bulls are making an upward move approaching 6000 price level. The previous resistance at 5750 has been broken. The price bars are above the SMAs which indicates that the share will rise.

UKX – 4- Hour Chart

4-hour Chart Indicators Reading
The share is at level 65 of the Relative Strength Index period 14. The market is in an uptrend zone above the centerline 50. UKX is likely to rise. The moving averages are sloping upward. The upward movement will continue if the bulls sustain price above 5750.

General Outlook for FTSE 100 (UKX)
UKX upward move is currently ongoing above the resistance at 5750. The uptrend is doubtful as the market is approaching the overbought region. The upward move may likely terminate at 6000. Possibly the share may be overbought at 6000 price level.

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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.