FTSE100 (UKX) Resumes Uptrend , Battles Resistance at Level 6300

FTSE100 (UKX) Resumes Uptrend , Battles Resistance at Level 6300

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

FTSE 100 (UKX) Long-term Trend: Bullish
UKX is currently in an uptrend. The index reached a high of level 6490 and was repelled. The market fell to level 6000 and resumed a fresh uptrend. The price is rising and approaching level 6292 at the time of writing. The share will continue its rise if it breaks the resistance at level 6490.

UKX – Daily Chart

Daily Chart Indicators Reading:
The SMAs are sloping upward and it indicates an uptrend. The SMAs have a bullish crossover. The 21-day SMA crosses over 50-day SMA . The share has risen to level 56 of the Relative Strength Index. It indicates that the share is in the uptrend zone and above the centerline.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, the market is an ascending channel. The index is rising but it is facing resistance at level 6300. The bulls have tested the current resistance twice but were repelled. The share will rise and reach the high of level 6500 if the resistance is broken.

ULX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX share is now in the overbought region of the market. UKX has an above 80% range of the daily stochastic. It indicates sellers are likely to emerge to push prices down. The SMAs are sloping upward and it indicates the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 is rising after the recent breakdown. The market is currently facing resistance at level 6300. The uptrend will continue if the resistance level is broken. As the market reached the overbought region, prices will fall.

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Author : Azeez Mustapha


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