FTSE 100 grinds sideways in quiet trading on Friday

The FTSE 100 continues to grind sideways overall, with the 7250-level offering support. It’s a fulcrum for price, but I think eventually we will find enough buyers to push this market towards the 7280 level, and then eventually the 7300 level. If we can break above the 7300 level, the market then goes to 7400, followed by 7500. Dips continue to offer buying opportunities, and I believe that support extends down to at least the 7150 level. Ultimately, I think that the buyers should continue to find value when we dip, and I think that the choppiness of the market should continue to be a concern, but if you are patient enough you should be able to find reasons enough to go long.

This market will remain choppy, but longer-term I think it’s only a matter of time before the buyers can push this market to the upside and drive it to higher levels. I think that we will eventually find a risk appetite move, and the FTSE 100 should continue to be one of the main beneficiaries. The 7500 level is my longer-term target, and I suspect that we will be there by the end of summer. When you look at the hourly chart from the longer-term perspective, you can see that we had formed a massive basing pattern, and we are now sitting on what was once massive resistance. That’s a good sign, but we may need to come up with another reason to go higher. Give it time, it will appear.

FTSE 100 Video 16.04.18