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Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
FTSE100 is still in a sideways trend. The share is in a tight range between levels 5600 and 5800. Since March 26, the upward move was terminated at the resistance of 5800. The past month the bulls have made concerted efforts to break the resistance but to no avail. On the upside, if the bulls are successful, the price will rally above 6000. The sideways move will continue if the bulls fail to breach the 5800 resistance.
Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are still sloping horizontally indicating the sideways trend. The share is at level 49 of the Relative Strength Index. The market is below the centerline 50. The market may still fall.
FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4-hour chart, the market is in a sideways move. FTSE 100 share has been trading below 5800 resistance since March 25. The market falls each time it tests the resistance. Then it will resume a fresh upward move. This has been the market scenario since March 25.
4-hour Chart Indicators Reading
The share is below 80% range of the daily stochastic. Price is in the overbought region. Sellers are likely to emerge. It is currently in a bearish momentum. The moving averages are sloping sideways indicating the sideways trend.
General Outlook for FTSE 100 (UKX)
UKX is currently fluctuating between levels 5600 and 5800. The bulls have failed to push price above 5800 resistance. On the upside, a rebound above level 5600 will break through the resistance 5800 and resume the upward move.
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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