FTSE100 (UKX) Is Range-Bound Below Level 6200

FTSE100 (UKX) Is Range-Bound Below Level 6200

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX is currently in an uptrend. The share traded and reached a high of level 6284. The market is falling after the resistance at the recent high. The current downward move may reach the low of level 6000 before resuming the uptrend.

UKX – Daily Chart

Daily Chart Indicators Reading:
The SMAs are sloping upward indicating the uptrend. The SMAs have a bullish crossover. The 21-day SMA crosses over 50-day SMA indicating a bullish trend. The recent downward move has reached 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. Since the last week of May, the market has been in an upward move. The uptrend has been as resisted as price makes a downward move. The share will fall and reach the low of either level 6000 or 5800.

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 bearish 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 presently falling after the resistance at level 6200. The market is expected to move up after a retracement. The market will rebound if it falls to the support line. The share is likely to fall to level 5800 if level 6000 support is breached.

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Author : Azeez Mustapha


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