FTSE100 (UKX) Continues to Consolidate Sideways, May Resume Uptrend Soon

FTSE100 (UKX) Continues to Consolidate Sideways, May Resume Uptrend Soon

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is currently in an ascending channel. The upward move has been temporarily suspended as the share fluctuates between levels 6100 and 6300. In the meantime, it is falling to a low at level 6100. At the low of 6100, the share will resume an upward move. The current uptrend will resume when the resistance at 6300 is breached.

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. The 21-day SMA crosses over 50-day SMA indicating a bullish trend. Presently, the share is at level 49 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 market is an ascending channel. The price is still fluctuating between levels 6100 and 6300. The price has been fluctuating since June 11. The lower and upper price ranges have not been broken in the last month. The market is currently falling to the lower price range. At the lower price range, the share will resume its uptrend.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The market is rising and it is below 60% range of the daily stochastic. The share is currently in a bearish momentum. The 21-day and 50-day SMA are in a sloping sideways move. It indicates the sideways movement of the share.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) has been consolidating between levels 6100 and 6300 since June. An upward movement is expected as price approaches the lower price range.

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Author : Azeez Mustapha


Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.