FTSE 100 Forecast July 28, 2017, Technical Analysis

The FTSE had a choppy session on Thursday, as we continue to bounce around overall. I think that we are currently consolidating between the 7400 level on the bottom, and the 7450 level on the top. I think that it is a difficult market to trade, but currently it looks as if the buyers are still somewhat in control. I don’t think that there is much of a trade here though, least not until we break above the 7460 handle, which should send this market looking towards 7500. Alternately, if we were to break down below the 7400 level, I think we would go looking towards the 7350 level.

Choppiness

The choppiness right now is going to keep me on the sidelines in this market, and I believe that there isn’t much of a trade here. The GBP/USD pair rallying has hurt the idea of FTSE 100 exporters, but I think there are so many questions around the United Kingdom and its economy that a lot of traders will not have had a lot of confidence. With this being the case, is probably best to stay away from the FTSE 100 currently, and of course it is one of the least liquid times of the year so we may see this general malaise continue for a couple days.

FTSE 100 Video 28.7.17