UKX Is in an Upward Correction as It Struggles below Level 7100

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) price is in an upward correction as it struggles below level 7100. Since October 21, UKX has been trading between the moving average lines. On the plus side, if buyers keep the price above the 50-day line SMA, the index will rise and revisit the previous high of level 7500. On the downside, UKX has reversed from the downtrend after falling to the low of level 6707. The downtrend may resume if price breaks below the 21-day line SMA. Meanwhile, the index will be compelled to range-bound movement between the moving average lines for a few days.

Daily Chart Indicators Reading:
For period 14, the UKX is at level 53 of the Relative Strength Index. It is in an upward correction as it breaks above the 21-day line SMA. The 21-day and 50-day SMA lines are sloping downward, indicating a downtrend. The index price bars are between the 21-day line SMA and the 50-day line SMA, indicating a range-bound move.

FTSE 100 (UKX) Medium-term Trend: bullish
On the 4-hour chart, UKX is in an uptrend. The crypto’s price is making a series of higher highs and higher lows.UKX  is retesting the resistance level at level 7086. On October 5, the index was repelled at level 7086. Today, buyers are struggling to break the same resistance level.

4-hour Chart Indicators Reading
UKX is trading above the daily stochastic’s 80% range. The stochastic band is rising, indicating a bullish trend. The SMAs for the 21-day and 50-day lines are sloping uptrend, indicating an uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in an uptrend as it struggles below level 7100. UKX will resume upside momentum if price breaks above the 50-day line SMA. The range-bound move will continue if the bulls fail to breach the 50-day line SMA.


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