FTSE100 (UKX)Resumes Uptrend, Battles Resistance at 6000


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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is currently trading within ascending channel. The current momentum is rather slow. The share has been making a series of higher highs and higher lows. The last higher low was above the support line. Certainly, the price must make a higher high as the upward move continues. On the upside, the bulls are likely to break the 6000 resistance and reach a high of 6,200.

UKX – Daily Chart                                                                                                                                         

  Daily Chart Indicators Reading:

The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend. The moving averages have bullish crossover. The 21-day SMA crosses over 50-day SMA indicating a bullish trend. Presently, the share is at level 48 of the Relative Strength Index. This indicates that price is in the downtrend zone and it is likely to fall.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the market is in an ascending channel. The market was earlier in a downward move as it fell to level 5661. An upward movement is expected to reach the previous highs. On the upside, a break above 6000 will push the share to level 6250.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The market is rising and it is above 20% 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. The market was earlier in a downtrend, if the bears have broken the support line, the downtrend will continue.

General Outlook for FTSE 100 (UKX)
UKX downward move is over, as the market resume uptrend. The current momentum has been rather slow. The 21-day SMA, 50-day SMA and the stochastic indicator are indicating bullish signals.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.