FTSE100 (UKX) Resumes Sideways Move after Recovering From Downtrend

FTSE100 (UKX) Resumes Sideways Move after Recovering From Downtrend

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 share has continued to consolidate sideways since June. The price is fluctuating between levels 6000 and 6500. The price is attempting to break the support line. The sideways move will hold if the current support holds.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally. It indicates the current sideways trend. Presently, the share is at level 44 of the Relative Strength Index. This indicates that price is in the downtrend and likely resume a downward move.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share is consolidating above 6000. Recently, the market is on a downward move but the share rebounded after reaching the low of  5850. The market has fallen to the range-bound zone.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The market has fallen below 80% range of the daily stochastic. It indicates that price is in a bearish momentum. The 21-day and 50-day SMAs are sloping downward.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) share is now in a sideways move. The market is presently fluctuating above level 6000. The price has fallen to the range-bound zone.



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