FTSE100 (UKX) Continues Consolidation between Levels 6000 and 6500


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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 share has continued to consolidate sideways since June. The previous uptrend has been terminated at level 6500. The index is fluctuating between levels 6000 and 6400. Presently, the market is consolidating in a tight range between levels 6000 and 6300. The uptrend will resume if price breaks level 6300.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally. It indicates the current sideways move of the share. Presently, the share is at level 45 of the Relative Strength Index. This indicates that price is in the downtrend zone and it is likely to fall

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4-hour chart, the share has been range-bound between levels 6000 and 6500. Presently, price is consolidating in the middle of price range since June. The price is yet to break the range-bound levels. The share will resume a downward move to level 4800 if price breaks below level 6000. An upward move will ensue if price breaks level 6400 and 6500.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The market has fallen below 20% range of the daily stochastic. It indicates that price is in the oversold region. Buyers are likely to emerge to push prices upward. 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 continued to consolidate sideways. Presently, the market is falling and approaching the low of level 6000. The selling pressure may have been exhausted as price reached the overbought region.

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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.