FTSE100 (UKX) Is Retracing After Rejection From Level 6800

FTSE100 (UKX) Is Retracing After Rejection From Level 6800

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is retracing after rejection from the recent high. The price breaks below level 6800 and falls. After a retest at level 6800 high, the downward move resumes. The downward move is likely to continue as there was rejection at level 6800.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the previous trend. Presently, the share is at level 54 of the Relative Strength Index. It indicates that the UKX is in the uptrend zone and it is capable of resuming upward movement.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share is in a downward move. On the January 15 downtrend, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the share will fall to level 1.618 Fibonacci extension. That is, the share will reach level 6549.

UKX – 1 Hour Chart


1-hour Chart Indicators Reading
The share is above the 30% range of the daily stochastic. It indicates that it is in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is falling. According to Fibonacci tool analysis, the share will fall to level 1.618 Fibonacci extension or the low of 6549.0

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Author : Azeez Mustapha

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