FTSE100 Is in a Sideways Move as It Struggles Below 7560 High
Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100
FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) price has been in sideways trend since January as it struggles below 7560 high. Nonetheless, on April 8, the index resumed a downward move. The index was making a series of lower highs and lower lows. Today, the index is making an upward move as it reaches the high of level 7347. On the upside, if the bulls break above the resistance at level 7354, the index will rally above the moving averages. The downward correction is likely to be over. UKX will be compelled to a sideways move if the bulls fail to break the recent high.
Daily Chart Indicators Reading:
UKX is at level 40 of the Relative Strength Index for period 14. It indicates that it is in the downtrend zone and capable of falling to the downside. The 21-day line SMA and the 50-day line SMA are sloping horizontally indicating a sideways trend. The index price bars are between the moving averages indicating the downtrend.
FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, UKX is in a sideways move. The index has been fluctuating below level 7600 overhead resistance. On May 5, the index was repelled as retested the overhead resistance.
4-hour Chart Indicators Reading
UKX is above the 30% range of the daily stochastic. The market is in a bullish momentum.The 21-day SMA and the 50-day SMA are sloping downward indicating the downtrend.
General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a downward correction as it struggles below 7560 high.. The uptrend will resumed if price breaks above the moving averages.
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