FTSE100 (UKX) Continues Consolidation, Approaches the Resistance at Level 6350


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

FTSE 100 (UKX) Long-term Trend: Ranging
Presently, FTSE 100 share is in a sideways trend. It was previously rising in an ascending channel. The upward move has been terminated on June 16 as the price reached level 6350. The sideways move has also broken the support line of the ascending channel. In July, the sideways trend is ongoing as price approaches the resistance zone.

Daily Chart Indicators Reading:
The 21-day SMA and  the 50-day SMA are sloping upward. It indicates the current upward move of the share. The 21-day SMA crosses over 50-day SMA indicating a bullish trend. Presently, the share is at level 55 of the Relative Strength Index. This indicates that price is in the uptrend zone and it is likely to rise.

UKX – Daily Chart

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4-hour chart, the share has been range-bound between levels 6000 and 6350. The market has been fluctuating since June. The price has risen to level 6288.10 and the index may likely be resisted at level 6350. However, if the resistance level is broken, the market will resume the uptrend.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The market is rising and it is above 80% range of the daily stochastic. This indicates that the recent upward move is likely to be terminated. The price will fall and continue the sideways move within the confined ranges. The 21-day and 50-day SMAs are sloping sideways. It indicates the sideways movement of the share.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has been consolidating in the last one month. The key levels of the price range are yet to be broken. Besides the price movement is uncertain. In recent times, the market has been consolidating in the middle of price range.

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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.