FTSE 100 Price Forecast March 16, 2018, Technical Analysis

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Updated: Mar 16, 2018, 05:55 UTC

The FTSE 100 was noisy during trading on Thursday, as we continue to bounce around the 7150 handle. Currently, it looks as if we are ready to go far, and I think stock markets around the world are paying attention to a lot of noise out there, so keep in mind that the FTSE 100 may struggle to find its footing.

The FTSE 100 has gone back and forth during the trading session on Thursday, as we continue to hover around the 7150 handle for the last 24 hours or so. I think that the market continues to see a lot of choppiness, but there are a couple of major levels that I’m paying attention to. The 7000 level is essentially the “floor” in the market in general, and I think that if we were to break down below there, the market could break down significantly. However, if we can break above the 7250 level, then I think it becomes more of a buy-and-hold situation. I do favor the upside, and I would point out that the one-hour chart is showing that we have made a “higher low” recently, so for the short term I think that buying above 7180 might be opportunity as well. If we do break down, I’m not willing to sell this market until we clear the 7000 handle, on a daily close.

FTSE 100 Video 16.03.18

The markets should continue to be very noisy, but I do believe that eventually we will find reasons to go higher. If we break down below the 7000 handle, that would kill the uptrend in my estimation and I think at that point you would have to sell rallies every time they appear. I would keep my trading position relatively small in the meantime, at least until we get clarity.

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About the Author

Christopher Lewisauthor

Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.