FTSE100 (UKX) Consolidates Above 5000 Support, Attempts Upward Move

FTSE100 (UKX) Consolidates Above 5000 Support, Attempts Upward Move

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

FTSE 100 (UKX) Long-term Trend: Bearish

FTSE 100 share is currently above 5000 support. Since it fell on March 11, the market has been consolidating above the $5,000 support. The price fell to the low of 5006 and reached the oversold region. The share is likely to end the selling pressure as it reaches the oversold region. On March 19, the bulls are making an upward move above the $5,000 support level. On the upside, if the current bullish momentum is sustained the market will reach the high of 6750.

UKX – Daily Chart

Daily Chart Indicators Reading:
Presently, UKX is below the 20% range of the daily stochastic. This indicates that the market is in the oversold region. What should follow is the emergence of the bulls to push the share upward. If that happens, FTSE 100 share is likely to rise. On the other hand, it may not rise, if the bulls fail to emerge.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, UKX is falling above 5000 and it is currently consolidating. The bulls are making an upward move. Presently the bulls have broken above the 12-day EMA as they move upward.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
On the 4- hour chart, the share is also in a bear market as it fell below level 40 of the Relative Strength Index period 14. At level 40, the share is in the downtrend zone . This indicates that it may likely fall.

General Outlook for FTSE 100 (UKX)
FTSE 100 share has reached bearish exhaustion. The selling pressure is likely to be over as price consolidates above 5000. At the same time the bulls are expected to emerge at the oversold region to push UKX upward.

FTSE 100 (UKX)Trade Signal
Instrument: FTSE 100 (UKX)
Order: Buy
Entry price: 5190
Stop: 5100
Target: 5390

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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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.