UKX Rebounds as It Approaches Level 7578

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 (UKX) price is in an uptrend as it approaches level 7578. As it climbs to the prior highs, the index price breaks above the moving average lines. UKX has been trading between the moving average lines since October 21. The index is likely to return to the prior high of level 7500 because buyers have sustained the price above the 50-day SMA. In the negative, UKX has broken out of its downward trend after hitting a low of level 6707. If the price drops below the 21-day line SMA, the downtrend may resume. In the meantime, the index is climbing and approaching level 7578, the previous high.

Daily Chart Indicators Reading:
The UKX is at level 69 on the Relative Strength Index for period 14. This suggests that the overbought area has been reached by the market. An uptrend is evident from the upward-sloping 21-day and 50-day SMA lines. The index price bars are above the SMAs for the 21-day and 50-day lines, suggesting a potential increase.

FTSE 100 (UKX) Medium-term Trend: bullish
The price of UKX has broken above the moving average lines on the 4-hour chart, indicating an uptrend. A retraced candle body on November 1 uptrend also tested the 61.8% Fibonacci retracement line. The retracement indicates that UKX will increase to level 1.618 of the Fibonacci extension, which is level 7425.09.

4-hour Chart Indicators Reading
UKX is trading above the 80% range of the daily stochastic. A bullish trend is being shown by the increasing stochastic band. The 21-day and 50-day lines’ SMAs are sloping upward, which indicates an uptrend.

General Outlook for FTSE 100 (UKX)

The FTSE 100 (UKX) is on an ascending trend as  it approaches level 7578. The bulls broke through the SMA’s 50-day barrier, resuming the upward pace. The present trend is getting close to the earlier peak of level 7578.

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