FTSE100 (UKX) Rebounds, Attempts to Breach Level 6250

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Azeez Mustapha

Updated: 13 October 2022

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

FTSE 100 (UKX) Long-term Trend: Bullish
Since the last bearish impulse at the low of 5000, price has been making a series of higher highs and higher lows. Today, the share is making a series of higher highs and it may surpass the previous high of level 6115. On the upside, the bullish momentum is likely to reach the high of level 6250. The uptrend will continue if price breaks above the new higher high.

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. In the meantime, the share is at level 53 of the Relative Strength Index. This indicates that price is in the uptrend zone and it is likely to rise.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the market is in an ascending channel. The share is rising after rebounding at the low of 5753. Presently, the market is fluctuating upward within the channel. On the upside, if price breaks the resistance line and closes above it, the uptrend will resume. A break below the support line will mean the resumption of the downtrend.

4-hour Chart Indicators Reading
The market is rising and it is above 60% range of the daily stochastic. The share is currently in a bullish momentum. The 21-day and 50-day SMAs are sloping upward indicating an uptrend.

General Outlook for FTSE 100 (UKX)
The share is rising and it is approaching the high of 5942. Every upward move, if it breaks the previous high, the share moves on a new higher high. On the other hand, if the previous high is unbroken, the share will retrace to the support line. This has been the price action.

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