FTSE100 (UKX) Consolidates without Any Significant Price Movement

FTSE100 (UKX) Consolidates without Any Significant Price Movement

Resistance Level: 7,500, 7, 600, 7,700
Support Level: 7,300, 7,200, 7,100

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 shares have been fluctuating throughout last year. It fluctuates between the low of 7,100 and a high of 7,700. As a range-bound trader, you initiate long orders at the lower price range. Then you exit these trades near the upper price range.

FTSE 100 share reached its peak price in July and December 2019. Also, in January 2020. These shares fell after reaching their peak prices. A trader ought to initiate a short trade at the upper price. Then you exit the short trade near the lower price range. Today, the shares are falling and approaching the lower price range. FTSE 100 shares trade more at the lower price range.

UKX - Daily Chart

Daily Chart Indicators Reading:
FTSE 100 share is above 50% range of the daily stochastic. It implies that the share is in bullish momentum. Meanwhile, from the price action, the share is fluctuating. Besides, the 21-day and 50-day SMA are sloping horizontally indicating the sideways trend.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the market was in a downward move in January. FTSE 100 share fell to the support of 7,300 and resumed an upward move. The upward move was interrupted and it resumes the downward move. The downward movement is ongoing at a low of 7407.

UKX - 4 Hour Chart

4-hour Chart Indicators Reading
On the 4- hour chart FTSE 100 (UKX) share is on level 40 of the Relative Strength Index period 14 indicates that the market is in the downtrend zone. It is also below the centerline 50 which indicates that the share will fall.

General Outlook for FTSE 100 (UKX)
FTSE 100 share is still fluctuating between the levels of 7,100 and 7,700. The bulls have tested the upper price range twice without breaking it. At most times, the shares trade more at the lower price range. The share has continued to fluctuate within a confined range. The Stochastic is indicating that FTSE 100 share is in bullish momentum. Conversely, the Relative Strength Index period 14 has indicated that FTSE 100 (UKX) share is likely to fall.

FTSE 100 (UKX)Trade Signal
Instrument: FTSE 100 (UKX)
Order: NO SIGNAL
Entry price: NO SIGNAL
Stop: NO SIGNAL
Target: NO SIGNAL

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 an experienced author, trader, markets analyst, signals strategist, and funds-manager.