FTSE 100 Index Price Forecast July 11, 2017, Technical Analysis

The FTSE 100 initially gapped higher at the open on Monday, and then fell significantly to reach down to the 7340 handle. We found enough support there to turn things around and bounce significantly though, and it looks as if the FTSE 100 is trying to reach towards the 7400 level as I write this. If we can break above that level, the market should continue to go higher, perhaps reaching towards the 7500 level after that. This market has been in a longer-term uptrend, and I think that may be about to happen yet again. After all, when you look at the last several sessions, it appears that we are trying to form a large “W pattern”, which is a very bullish technical sign.

Accumulation phase?

It’s possible that we are in an accumulation phase, and that’s what we have been seeing over the last couple of weeks. I believe that longer-term the FTSE 100 will continue to do well, simply because the GBP/USD pair is historically low. Ultimately, a break above the 7500 level since this market much higher. If we were to break down below the 7300 level that would be a very negative sign though. Keep this in mind, but I still believe that the longer-term trend should continue to favor the upside, even though it’s been very sideways over the last couple of weeks. This is simply a market taking a bit of a breather after making massive impulse of moves to the upside earlier this year. Longer-term, I still think that the market could go looking for the 7750 level, and then possibly even the 8000 level above there.

FTSE 100 Video 11.7.17