FTSE 100 Price Forecast February 9, 2018, Technical Analysis

The FTSE 100 fell during trading on Thursday, as we continue to grind significantly. We are testing a significant area in the form of 7150, and that area should continue to offer support. Ultimately, I think if we break down below the 7100 level, we will go looking towards the 7000 handle. If we break down below there, the uptrend is probably over, and we should see a massive selloff. I also recognize that the 7300 level above is very important, and if we can break above there we should then continue to see bullish pressure and reach towards the 7500 level.

The FTSE 100 is starting to put up a fight though, as I watch this on short-term charts. Alternately, the market will probably continue to find plenty of volatility, which is probably to be expected, as markets had gotten ahead of themselves. The question now is whether we can hold any of these gains. We are at very precipitous levels, and I think if we break down below the 7000 level, it could send this market much lower, perhaps down to 6500. This is a very sloppy market recently, but it looks as if we are trying to build up the necessary stability and confidence to start going higher again. Keep your position size small, because the volatility could come back into this market immediately. Once you get the move right though, you can start adding.

FTSE 100 Video 09.02.18