FTSE 100 Price Forecast March 6, 2018, Technical Analysis
The FTSE 100 rallied a bit during the trading session on Monday, exploding towards the 7135 level as I record this. I think that if we can continue to go just a little bit higher, the market is very likely to reach towards the 7250 level above. I think that if we pull back in the meantime, if we can stay above the vital 7000 level, it's likely that we will continue to go higher anyway. That is the bottom of the overall uptrend, and I think that as long as we are above that level, you have to be thinking about buying the FTSE 100, not shorting it.
If we were to break down below the 7000 level, I think the market would unwind at that point, and continue to go much lower. A break above the 7250 level sends this market to much higher levels, initially the 7325 handle, and then eventually the 7500 level after that. Overall, I think that we will eventually see the market break out to fresh, new highs, and perhaps reach above the 7500 level but I think it's going to take several attempts to build up the necessary momentum, which is sorely lacking over the last several sessions. Once we get above the 7500 level, the market probably then goes to the 7750-level next. Ultimately, I think that the buyers will continue to benefit from this market.
FTSE 100 Video 06.03.18
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.