Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Bullish
The FTSE 100 (UKX) price is rising as it targets level 7578 high. The overbought region has been reached by the current rise. Although the index is climbing, bullish exhaustion may occur at level 7578. A retraced candle body tested the 78.6% Fibonacci retracement line on November 4. According to the retracement, UKX will increase to level 1.272 Fibonacci extension, or level 7514.53.
Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, the UKX is at level 68. This indicates that the index may be getting close to the overbought area. The 21-day and 50-day SMA lines’ rising indicates an uptrend. The index price bars are higher than moving average lines, indicating a potential uptrend.
FTSE 100 (UKX) Medium-term Trend: bullish
On the 4-hour chart, the UKX price is in a smooth ascent, indicating an uptrend. The index price bars are above the moving average, which suggests that UKX may be rising. On the downside, the rally will come to an end if sellers breach below the moving average line.
4-hour Chart Indicators Reading
UKX is currently trading above the daily stochastic’s level of 80. The rising stochastic band is indicating a positive trend. The overbought area has been reached by the index. The SMAs on the 21-day and 50-day lines are trending up, indicating an uptrend.
General Outlook for FTSE 100 (UKX)
The UKX index of the FTSE 100 is rising as it targets level 7578 high. The current trend is approaching the previous peak of level 7578. As the index approaches the overbought area, the uptrend is likely to conclude the most recent high.
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