FTSE 100 Index Price Forecast November 29, 2017, Technical Analysis

The S&P 500 rallied significantly during the trading session on Tuesday, breaking above the 7450 handle, and to a fresh, new high. It’s likely that the market would continue to find buyers on pullbacks, and I think that the FTSE 100 will continue to be a major move or to the upside, now that we have made a “higher high.” Pullback should continue to find support at the 7400 level, and I think that the British pound being historically weak would of course be a driver for cheaper exports coming out of the United Kingdom. Longer-term, I believe that the market goes to the 7600 level, as the 7600 level is the top of the longer-term consolidation which extends all the way down to the 7200 level. Currently, the 7400 level is “fair value” of the consolidation.

Now that we have bounced from the middle point of the market, it’s likely that we will make a run towards the top again, and then eventually break out to the upside. Typically, that’s what happens, traders trying to push back towards the bottom of consolidation, but cannot do so and start to find buying opportunities at higher levels. Once we get above the 7600 level, that should measure for a move to the 8000 handle above, as it is a 400-point rectangle. In general, I’m a buyer on dips, but would do so slowly in the CFD market so that you can build up a larger position for the break out that should be coming. In general, I believe that the market will be volatile, but should continue to have plenty of value hunters getting back in the market. If we break down below the 7350 level, the market should then go down to 7200 again.

FTSE 100 Video 29.11.17