FTSE 100 Price Forecast January 10, 2018, Technical Analysis

The FTSE 100 went sideways overall during the day on Tuesday, but we have an upward bias as you can see on the hourly chart. The uptrend line has been reliable, and I think that short-term pullback should be buying opportunities. Because of this, the market should continue to go towards the 80,000 level over the longer term, but it’s going to take a while to get there. 7800 is of course the first target, but then I think the 7900 level then will be the target.

If we break down below the uptrend line, it could send the market lower, perhaps even as low as 7600 underneath, but that is an area that should be massively supportive, and I think that at this point it’s likely that there would be massive amounts of buyers in that area. Over the longer term, I think that the FTSE 100 continues to lead the way for a lot of European indices in general, even though there are a lot of concerns about what happens to the United Kingdom after leaving the European Union. I think that the traders around the world are focusing on the historically cheap British pound, as it helps exports coming out of the UK. Because of this, it’s only a matter of time before the get involved in this market. Buying on the dips continues to be the way forward from what I see.

FTSE 100 Video 10.01.18