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      • FTSE100 Is in a Sideways Move as It Struggles Below 7560 High

      FTSE100 Is in a Sideways Move as It Struggles Below 7560 High

      • Posted by DigitalLeonard
      • Categories FTSE 100, Technical Analysis, Trade Ideas, Trading Briefs, UKX
      • Date May 12, 2022
      • Comments 0 comment


      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.

      FTSE100 Is in a Sideways Move as It Struggles Below 7560 High
      UKX – Daily Chart

      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.

       FTSE100 Is in a Sideways Move as It Struggles Below 7560 High
      UKX – 4 Hour Chart

      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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