The FTSE 100 has gone sideways during most of the day on Thursday, as we continue to struggle for a bit of momentum. I think the market is simply looking for value underneath him after the explosive moved to the upside. I fully anticipate that the 7400-level underneath should be massively supportive, and therefore I'm looking for buying opportunities between here and there. On a bounce, I'd be willing to step into the market, but then add to the position as the markets go in our favor. A break above the 7500 level would have me much more bullish, and looking towards the 7400 level above. That is the top of the overall consolidation that we have been in for some time, so I think that the market breaking above there would be a huge signal that we are going to go much higher. A break above the 7600 level should send this market looking as high as 8000 based upon the measurement of the consolidated range.
If we did breakdown below the 7400 level, it's likely that we would go down to the 7300-level underneath. That's an area where I would expect to see buyers again, and with the massive amounts of noise between the 7470 300 level, even if we do break down I would be very hesitant to start selling as we would anticipate a lot of noise in this region. In fact, I believe that it's only a matter of time before the FTSE 100 takes off to the upside, so a certain amount of patience will be needed.
FTSE 100 Video 15.12.17
This article was originally posted on FX Empire
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
