Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 was previously fluctuating between 7000 and 7600 but the bears have broken the range-bound movement. The bears have broken the lower price range and the market dropped to a low of 5366. The downward move is likely to continue. As the price drops to the current low of 5366, the market went into the oversold region. As the share is oversold, buyers are likely to emerge to push the share upward.
Daily Chart Indicators Reading:
UKX drops below the 20% range of the daily stochastic. This indicates that the market is in the oversold region. The share fell into the oversold region twice. In the second fall, the price is not fully inside the oversold region. The Selling pressure has been overdone and buyers are likely to emerge to push UKX upward. The 50-day SMA and the 21-day SMA are sloping southward indicating that UKX is falling.
FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, UKX fluctuates between 7200 and 7600. It fell after the resistance at 7400. The bearish momentum is strong as the market fell to the low of 5324 and resumed fluctuations. A further downward move is possible.
4-hour Chart Indicators Reading
On the 4- hour chart, the share is also in a bear market as it fell below level 20 of the Relative Strength Index period 14. As usual, buyers will emerge to push the coin upward. In the oversold region, selling has been overdone.
General Outlook for FTSE 100 (UKX)
FTSE 100 share has fallen and reached the oversold region of the market but selling is ongoing. This is the appropriate time to invest in the share as the price has fallen. As traders, we buy low and sell high. Investors can do the same as the price has fallen low.
FTSE 100 (UKX)Trade Signal
Instrument: FTSE 100 (UKX)
Order: Sell
Entry price: 5324
Stop: 6500
Target: 7600
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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