FTSE100 (UKX) Slumps, Faces Resistance at 5750

FTSE100 (UKX) Slumps, Faces Resistance at 5750

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

FTSE 100 (UKX) Long-term Trend: Bearish
FTSE 100 share upward move is presently facing resistance at 5750. The bulls have made two attempts to penetrate the resistance but to no avail. The market is falling after two unsuccessful attempts at the resistance. On the downside, the current downward move may reach a low of $5250. On the upside, if the price turns around, a retest is possible at the 5750 resistance.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX share is below the 80% range of the daily stochastic. The share is currently in a bearish momentum. The 21-day SMA is acting as a resistance to the share.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, the share falls to the support of the 50-day SMA after the resistance at 5750. The bulls have earlier broken the resistance line of the descending channel. The share is likely to have a change in trend. The upward move will resume if the 50-day SMA support holds.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The share is at level 45 of the Relative Strength Index period 14. The market is in the downtrend zone and below the centerline 50. UKX tends to fall. The moving averages are sloping upward. The broken resistance line indicates an upward move.

General Outlook for FTSE 100 (UKX)
UKX upward move is currently under threat as it faces resistance at 5750. On the upside, if the bulls break the 5750 resistance, the market will reach a high of 6750. On the downside, the downtrend will extend to the low of 5250.

FTSE 100 (UKX) Trade Signal
Instrument: FTSE 100 (UKX)
Order: Sell
Entry price: 5406
Stop: 5450
Target: 5206

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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