FTSE 100 Price Forecast July 17, 2017, Technical Analysis

The FTSE 100 was extraordinarily choppy during the day on Friday, as the British pound Valley broke out against the US dollar. Because of this, there is a certain amount of concern that British exports will fall, but currently I believe that the market did overreact initially, and when I look at the charts it looks as if the 7375 level is looking to be somewhat supportive. I think that we could bounce towards the 7400 level, and then perhaps even higher. The market recently breaking above the 7375 handle is a strong sign, and this pullback is simply a retest of the previous resistance. That’s a common thing in technical analysis, so I feel that if we can break above the 7400 level, the market should continue to go even higher.

Buying dips

I continue to buy dips in general, so I think that given enough time we will go towards the 7475 handle. The market is very choppy, so traders will have to be very strong-willed as the noise in the market will be extreme. Even if we did breakdown from here, I feel that there’s even more support at the 7300 level, so currently I’m not looking to sell the FTSE 100. It’s not to say won’t change, but right now I think that this pullback is well within most technical analysis norms. Given enough time, I fully anticipate that the FTSE 100 will reach towards the 7500 level

FTSE 100 Video 17.7.17