FTSE 100 breaks out on Friday

The FTSE 100 initially fell on Friday, but then rallied at the 7475 handle to show signs of strength. We broke above the 7500 level after that, breaking out to the upside. It looks as if the market is ready to continue going higher as a result. Ultimately, I believe that the market should continue to be choppy, yet bullish. Market participants should continue to look at pullbacks as value, with the 7425-level offering support, being previous resistance. The FTSE 100 should continue to be positive though, as we have seen such a nice moved to the upside.

I believe that the market is supported at several levels below, with the overall uptrend being defined at the 7250 level. It looks very unlikely to happen, and therefore I think it’s only a matter of time before the buyers get involved at either the 7450 handle, the 7400 level, or perhaps even the 7350 level. Ultimately, this is a market that I think will continue to be very noisy, but most certainly bullish as we have seen the last couple of days show. The clearing of 7500 is a big deal and could send this market looking towards the 7750 level rather quickly. Longer-term, I believe this market continues to see a lot of pressure to the upside, and that will continue to be the case as the British pound has been soft as of late, making exports out of the UK cheap.

FTSE 100 Video 30.04.18