15.08.2022
Chicago 12, Melborne City, USA
Business

FTSE100 Is In A Sideways Move As It Declines To Level 6998 Low

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

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 (UKX) price is in a sideways trend but as it declines to level 6998 Low. The index price has fallen below the moving averages. UKX has fallen to level 7143 below-moving averages. The market is expected to decline to the previous low of level 7014 before resuming an upward move. The current support level has been held since November 2021.

UKX – Daily Chart

Daily Chart Indicators Reading:
UKX is at level 43 of the Relative Strength Index for period 14. FTSE 100 is in the downtrend zone as it declines to the current support. The 21-day line SMA and the 50-day line SMA are sloping southward indicating the downtrend. The index price bars are below the moving averages indicating the downtrend.

FTSE 100 (UKX) Medium-term Trend: Bearish
On the 4-hour chart, UKX is in a downtrend. The price has broken below the moving averages indicating a possible revisit of the previous low. Meanwhile, on June 14 downtrend; a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that UKX will fall to level 1.272 Fibonacci extension or level 6999.77.

FTSE100 Is In A Sideways Move As It Declines To Level 6998 Low
UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is below the 40% range of the daily stochastic. The market is in bearish momentum. The 21-day line and the 50-day line SMAs are sloping southward indicating the downtrend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a downtrend as it declines to level 6998 low. At the previous low, the market is expected to resume upward.

You can purchase crypto coins here: Buy LBlock

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

Share with other traders!

administrator
My name is Lawrence. I am one of the most famous forex trading schools. The purpose of creating this project is not only to give working advice on the Forex market, but also to warn beginners from fraudulent projects. Here we publish reviews of all Forex training scam projects, and professionally train those who have just decided to enter this niche.

    Leave feedback about this

    • Quality
    • Price
    • Service

    PROS

    +
    Add Field

    CONS

    +
    Add Field
    Choose Image
    Choose Video