FTSE100 (UKX) Fluctuates Between Levels 6000 and 6300


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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 has been on a downward move after reaching level 6304.20. The price dropped to level 6040.30 and resumed an upward move. The current support is likely to hold because the market has been retesting  level 6000 since June 12. The price is rising to reach the previous highs but may face resistance at level 6300.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward. It indicates the current upward move of the share. The 21-day SMA crosses over 50-day SMA indicating a bullish trend. Presently, the share is at level 46 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 level 6000 and level 6300 since June 12. These range-bound levels have not been broken since June 12. The price has fallen to the lower price range and resumed upward move. The upward move is likely to continue to the previous highs.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The market is rising and it is above 40% range of the daily stochastic. The share is currently in a bullish momentum. The 21-day and 50-day SMA are sloping sideways. It indicates the sideways movement of the share.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is currently in a sideways trend since June. The market has been consolidating between levels 6000 and 6300. The share will continue its uptrend if it breaks above level 6300. The downtrend will resume if it breaks below level 6000.

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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.