FTSE 100 Price Forecast August 9, 2017, Technical Analysis

The FTSE 100 went sideways initially during the session on Tuesday, but then broke to the upside and reach towards the 7550 handle. This is an area that has turned the market around, but I think that we continue to see significant support underneath as the uptrend continues. The 24 hour exponential moving average has offered dynamic support, and I think that we will continue to reach towards the 7600 level. The 7500 level underneath should be a bit of a “floor” in the market, and I think as long as we can find some type of support in that area, this market should continue to find buyers. I believe that the volatility should continue, but with the British pound falling during the day, it’s likely that we could see a bit more support for the FTSE 100 as it makes exports out of the United Kingdom cheap.

Buying dips

I can see buying dips in this market repeatedly, as short-term charts dictate that the market continues to see an upward proclivity. Ultimately, if we break down below the 7500 level, I think that there should be a certain amount of support at the 7450 level as well, but if we do breakdown below the 7500 level, I would be a bit concerned about the uptrend. I believe that the FTSE 100 will continue to perform quite well, but adding slowly might be the best way to go as the markets have seen quite a bit of choppiness lately.

FTSE 100 Video 09.8.17