FTSE 100 Index Price Forecast July 6, 2017, Technical Analysis

The FTSE 100 had a choppy session on Wednesday, as we continue to grind between the 7335 level on the bottom, and the 7385 level on the top. I believe that overall, we are going to consolidate as traders begin to question one the British pound will do next. After all, this is an index that has a large amount of exporting companies attached to it, and that of course means that currency markets will have a major influence on this market. The 7400 level above is massively resistive, just as the 7300 level on the bottom is massive support. The market continues to go back and forth and makes it very difficult to deal with in the short term. I believe that if we can break above the 7400 level, the market could go much higher, perhaps reaching towards the 7500 level after that. Alternately, if we break down below the 7300 level, the market should then go down to the 7200 level.

In the meantime, we bounce

In the meantime, the market should continue to bounce back and forth between the 7300-level underneath, while the 7400 level offers massive resistance above. Ultimately, the market is going to be short-term back and forth type of scalping at best, until we break out of this range. The range will continue to keep this a short-term traders type of market, but ultimately this is a market that will break out, and once it does I feel we could get a significant amount of momentum added to the market, and it could end up being a nice move. Because of this, I feel that the real money is to be made by those who are patient enough to sit on the sidelines and wait for the market to tell them what to do.

FTSE 100 Video 06.7.17