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FTSE 100 Price Forecast November 2, 2017, Technical Analysis

The FTSE 100 gapped higher at the open on Wednesday, reaching towards the 7530 handle. However, we found enough resistance in that area to fall back and fill the gap, and continue to go even lower than that. By rolling over the way we have, it looks as if the FTSE 100 is going to struggle, perhaps falling towards the 7425-level underneath which of course has been important in the past. I believe that the market will continue to be noisy, but overall, I like the FTSE 100, and waiting for some type of support. By being patient, I should be able to find value that I can take advantage of. If we were to break down below the 7400 level though, that could change my attitude and I would have to reevaluate the entire situation. I recognize that it has been very noisy, but overall, we are still very much positive as far as the trend is concerned.

Pay attention to the British pound, because it is a major influence in this market. The Bank of England will have its influence as well. I believe that the British pound falling in value would be a great help, but quite frankly I think that we will continue to see multitudes of buyers and sellers. If we can break above the 7550 level, then the longer-term traders get involved, and reach towards the 7600 level after that. The market has been difficult to deal with, but proper position size name can help you wait for stability. Once we finally get an impulsive move, then you can add to any winning trades that you're involved in. A little bit of clarity would go long way, but we need to get some impulsivity to put money to work.

FTSE 100 Video 02.11.17

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.

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