09.08.2022
Chicago 12, Melborne City, USA
Business

FTSE 100 Retraces Above 7420 as It Targets the High of 7668.00

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

FTSE 100 (UKX) Long-term Trend: Bullish
FTSE 100 is in an uptrend as it targets the high of 7668.00. Further upsides are possible as the index approaches the overbought region of the market. UKX is likely to rise to retest the overhead resistance at level 7600. Buyers are likely to push the index to the overhead resistance at level 7600. Today, UKX is trading at level 7439.75.42 at the time of writing.

UKX – Daily Chart

Daily Chart Indicators Reading:
FTSE 100 is at level 61 of the Relative Strength Index for 14. It indicates that the index is in the bullish trend zone and may further rise. The moving average lines are sloping horizontally indicating a sideways trend. UK’s price bars are above the moving average lines indicating a further upward movement of the coin.

FTSE 100 (UKX) Medium-term Trend: Bullish
On the 4-hour chart, UKX is in an upward move as it battles the initial resistance at level 7439. The current trend may face rejection at the high of level 7600. The index will decline in the overbought region of the market.

FTSE 100 Retraces Above 7420 as It Targets the High of 7668.00
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 60% range of the daily stochastic. It indicates that the market is in a bullish momentum. The index is approaching the overbought region of the market. The 21-day and 50-day SMAs are sloping upward indicating the uptrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in an uptrend as it targets the high of 7668.00. The index is declining towards the moving average lines. UKX will rise if it holds above the moving average lines.

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