FTSE100 (UKX) Is Rising as 5000 Support Holds

FTSE100 (UKX) Is Rising as 5000 Support Holds

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 share is currently in an upward move as 5000 support holds. The upward move is currently facing resistance at 5750 as  price retraces to 5500. The downward move has been terminated as the 5000 support holds. On the upside, if the bulls break the 5750 resistance, the market will reach a high of 6750. On the downside, if the bulls fail to break current resistance, price will be in a sideways trend.

UKX – Daily Chart

Daily Chart Indicators Reading:
Presently, UKX is above the 20% range of the daily stochastic. The bulls are emerging in the oversold region. The market is likely to be in an upward move as the bulls emerge. The 21-day SMA is acting as a resistance to the share.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share has reached a low of 5000, as the support holds. The bulls broke and closed above the resistance line of the descending channel. A retest was at the 5000 support before a resumption of the upward move. The upward move may continue despite the retracement.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The share is at level 51 of the Relative Strength Index period 14. This means that it is in the uptrend zone and also above the centerline 50. The moving averages are sloping upward. The bulls break the resistance line of the descending channel to resume upward move.

General Outlook for FTSE 100 (UKX)
FTSE 100 share has resumed an upward move. The 5000 support holds as the bulls make an upward move. The market was earlier oversold but the bulls are emerging from the oversold regions.

FTSE 100 (UKX)Trade Signal
Instrument: FTSE 100 (UKX)
Order: Buy
Entry price: 5498
Stop: 5400
Target: 5698

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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Author : Azeez Mustapha

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