FTSE100 (UKX) Reaches Bearish Exhaustion, Buyers Are Likely to Emerge

FTSE100 (UKX) Reaches Bearish Exhaustion, Buyers Are Likely to Emerge

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 share has continued to consolidate sideways since June. The price has broken below level 6000 support. The market has already fallen to level 5924. The share is reaching bearish exhaustion as buyers may likely emerge.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally. It indicates that current sideways move of the share. Presently, the share is at level 30 of the Relative Strength Index. This indicates that price is approaching the oversold region

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share is on a downward move. The price fell to level 5960 and it corrected upward to level 6040. A correction candle body tested the 0.786 Fibonacci retracement. It indicates that price will fall to level 1.272 extension level. At this level, the market will reverse and return to 0.786 retracement level. The reversal will not be immediate.

UKX – 1 Hour Chart

1-hour Chart Indicators Reading
The market has fallen below 20% range of the daily stochastic. It indicates that price is in the oversold region. Buyers are likely to emerge to push prices upward. The 21-day and 50-day SMAs are sloping downward.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is now in a downward move. According to the Fibonacci tool the market has reached bearish The share has reached level 1.272 Fibonacci retracement level. It indicates that price will reverse.

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