FTSE100 (UKX) Is Range Bound below Level 6000

FTSE100 (UKX) Is Range Bound below Level 6000

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is currently trading in ascending channel. The share is currently trading below the level 6000. The upward move has been interrupted since May 12. Each time the market tests the resistance level the price will fall above 5800. Buyers have failed to trade above the resistance and presently UKX is falling.

UKX – Daily Chart

Daily Chart Indicators Reading:
The SMAs are sloping upward indicating the uptrend. The moving averages have a bullish crossover. The 21-day SMA crosses over 50-day SMA indicating a bullish trend. Presently, the share is at level 54 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: Bullish
On the 4-hour chart, the market is an ascending channel. On May 22, the price dropped to level 6008 and resumed an upward move. The price is likely to rise, but the bulls have failed to push above 6000 resistance. The uptrend will continue if price breaks above the resistance.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The market is below 75% range of the daily stochastic. This indicates that the share is currently in a bearish momentum. The price action is indicating a bullish signal at the time of writing. The 21-day and 50-day SMAs are sloping upward indicating an uptrend.

General Outlook for FTSE 100 (UKX)
UKX share is range-bound below level 6000. The share is being traded below 6000 as the bulls failed to breach the resistance. The share will rise above level 6200 if the bulls are successful above resistance. FTSE 100 will continue its range-bound move if the resistance remained unbroken.


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