FTSE100 (UKX) Continues Its Sideways Move below 5750 Resistance

FTSE100 (UKX) Continues Its Sideways Move below 5750 Resistance

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

FTSE 100 (UKX) Long-term Trend: Bearish
The share is still faced with the resistance at 5750. The bulls broke the resistance level but could not sustain the upward move. The price is declining and may fall below the resistance level. On the downside, if price falls and breaks below 5500, the downtrend will resume. Conversely, FTSE 100 will resume upward, if the bulls break and sustain price above 5750. An upward move to 6750 is expected if the bulls are successful.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are still sloping downward indicating bear market. The share is at level 50 of the Relative Strength Index. The market is neither below nor above the centerline 50.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the market is in an upward move. FTSE 100 share has been trading below 5750 resistance since March 25. The bulls have failed to break the resistance level as price continues its sideways move below 5750.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The share is above 40% range of the daily stochastic. It is currently in a bullish momentum. The moving averages are sloping upward indicating the upward move. The bullish momentum has been weak and the share fails to rebound.

General Outlook for FTSE 100 (UKX)
UKX is in a sideways move below the resistance at 5750. The bulls are yet to break the resistance after four unsuccessful attempts. The market is fluctuating below the resistance. The range-bound movement will continue until the current resistance is breached.

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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.