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FTSE 100 Price Forecast February 12, 2018, Technical Analysis

The FTSE 100 has fallen during the trading session on Friday, reaching down towards the 700 level before forming a hammer on the hourly chart. This is a very bullish sign, so I think that the footsie could end up going higher from here. I believe that if we can stay above the 6950 level, the market may have just saved itself from a massive meltdown. 7000 is essentially the bottom of the uptrend as far as I can see, and I think we are getting ready to go towards the 7150-level next, and then the 7250 level after that. I think that the market continues to show signs of volatility, and I think the given enough time we could see market participants jump in as we could get perceived value in this region. Ultimately, if we can break above the 7250 level, the market should go much higher, perhaps reaching towards the 7500 level. This would also form a "double bottom", which gives us an opportunity to form significant stability.

However, if we break down below the 6950 level, the market should then go down to the 6900 level, and then eventually the 6800 level. I think that given enough time the markets should continue to be noisy, but I believe that we've had enough of the selloff that the value hunters will be aggressive as the selloff has been so strong that one would have to think that is a bit of the British pound has been telling all, and that helps British exports as well.

FTSE 100 Video 12.02.18

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.

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