FTSE 100 Price Forecast January 9, 2018, Technical Analysis
The FTSE 100 fell during the trading session on Monday, reaching towards the 7700 level where we see a bit of support. Beyond that, there's an uptrend line just below on the hourly chart that has been in effect for a couple of weeks, so it's very likely that we will see buyers return. Even if we break down below the 7700 level, I think the 76 or level after that is supportive as well. Because of that, I am not willing to sell this market, but would only become more aggressive the lower we go. The market has been bullish for ages now, and I don't see anything changing this in the short term.
Ultimately, I think we go to the 8000 level, but obviously it takes quite a bit of time. If we can break above 7800, that leads to 7900, and so on. Pullbacks offer value in a market that has been extraordinarily bullish over the longer term, and I think at this point it's difficult to short this market under the most obvious conditions. It's not until we break down below the 7500 level that I become a bit concerned about the overall attitude of the market. Because of this, I am simply waiting patiently to pick up value and continue to hold on to the FTSE 100. I suspect that we will have a significant amount of resistance at the 8000 level once we reach it.
FTSE 100 Video 09.01.18
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.