FTSE 100 Price Forecast June 27, 2017, Technical Analysis

The FTSE 100 shot higher during the day on Monday, reaching above the 7470 handle. It looks as if the market is going to try to reach the 7500 level, and short-term pullbacks in the meantime could be nice buying opportunities. I think that the 7500-level getting broken to the upside census market looking for the 7550 handle, and perhaps even higher than that. I have no interest in shorting this market as I recognize that the 7400-level underneath should be massively supportive. Because of this, patients will be needed but I believe that you should be able to get the opportunity to pick up value from time to time, and what should be a relatively strong market over the longer term. The British pound has been historically weak, so I think it’s only a matter of time before the buyers come back in and take advantage of what should be a market doing well due to cheap exports.

Longer-term target

I believe that the longer-term target of 7600 is the first place that will be taking profit, but we will not only go there, but perhaps as high as 8000. It will take some time to reach these targets, so in the meantime I think it’s a simple “buy on the dips” type of situation. By doing so, you can take advantage of value, and of course you can take advantage of the momentum that has been in the market over the longer term. I have no interest in shorting, I believe that this market will continue to offer opportunity for those who are patient enough to take advantage of value as it occurs. If we broke down below the 7400 level, that would change everything for me, but I don’t see that happening anytime soon.

FTSE 100 Video 27.6.17