FTSE100 (UKX) Is in a Sideways Trend, Faces Rejection at Level 6300

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX is currently in an uptrend. Nonetheless, since June 15, the market is fluctuating between level 6100 and 6300. In the meantime, the index has fallen to the lower price range; therefore an upward move is expected. UKX is likely to rise and reach  level 6400. On the upside, if the bulls break level 6300, UKX index will resume its uptrend.

Daily Chart Indicators Reading:
The SMAs are sloping upward and it indicates an uptrend. The SMAs have a bullish crossover. The 21-day SMA crosses over 50-day SMA . The share has risen to level 49 of the Relative Strength Index. It indicates that the index is in the downtrend zone and below the centerline.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the market is an ascending channel. The index is rising but it is facing resistance at level 6300. The bulls have tested the current resistance twice but were repelled. The price has fallen to the lower price range.

4-hour Chart Indicators Reading
UKX has an above 40% range of the daily stochastic. It indicates that the index is in a bullish momentum. The SMAs are sloping upward as it indicates the uptrend. The market is rising as it is in a bullish trend.


General Outlook for FTSE 100 (UKX)
FTSE 100 upward move is facing a minor resistance at level 6300. A fresh uptrend is possible if the current resistance is cleared. For the past two weeks, the uptrend has been hindered because of the resistance at level 6300


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