The FTSE 100 has initially fallen during the day on Wednesday but found enough support near the 7080 level to bounce significantly. I think if we can break above the 7200 level, then will go looking towards the 7250 level, and then possibly break above there to go much higher. I recognize that this market should continue to be choppy, but given enough time I do anticipate that the buyers will come in. The renewed fears of trade war talks continue to plague the market, as it's likely that most markets will continue to be choppy during these issues. It's likely that the market will be a bit difficult to trade in the short term, but I think eventually things will shake themselves out. We have a couple of clear areas that being broke and could send fresh money into the market.
The 7000 level below being broken to the downside should send this market much lower, perhaps reaching towards the 6500 levels underneath. I think that the market breaking above the 7250 level should send this market much higher, perhaps reaching towards the 7500 level. I think at this point, the market is likely to offer a "buy on the dips" mentality, unless of course something comes out about trade war talks extending and becoming more aggressive, but until then it's very likely that the value hunters are starting to look at this market as a potential opportunity.
FTSE 100 Video 08.03.18
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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
