FTSE100 (UKX) Continues Its Fluctuations, Amidst Downtrend Move

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 stock is gradually falling after testing the resistance at 7,700. The price has fallen to a low of 7,383. Undoubtedly, the price fall will continue to the low of 7,100. It has been observed that the usual trend of this stock is that in all the months, the price fall usually ends at the support of 7,100. Then an upward move will begin at the support.

Investment into FTSE 100 stock can be done when the price is at the support level. In this case, the price fell at the support on more than four occasions. Meanwhile, the price is still fluctuating within the confined price range.

Daily Chart Indicators Reading:
The 21-day SMA and the 50-day SMA are sloping horizontally indicating that the market is still in a range-bound movement. The stock respects the price range of the market. The MACD Line and signal line are above the zero lines which indicates buy signal. The price action and the MACD don’t seem to agree. The bands of MACD are bending below the zero lines indicating a trend change.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the price made a retest at 7,500 and resumes the downward move. If the downward move continues the price will find support at 7,200. On the other hand, if the price finds support at the trend line, the stock will bounce and resume an upward move.

4-hour Chart Indicators Reading
FTSE 100 stock has fallen and it is approaching level 33 of the Relative Strength Index period 14. Assuming the price falls below level 30, then we will talk about the price reaching the oversold region of the market.

General Outlook for FTSE 100 (UK)
FTSE 100 stock is still in a range-bound movement but the price is in a downward move. We are anticipating that the price will fall to the low of 7,100 before the resumption of an upward move.

FTSE 100 (UKX)Trade Signal
Instrument: FTSE 100 (UKX)
Order: No buy or sell signal.
N/B. The RSI is yet to fall below level 30 at the time of writing.

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