FTSE 100 Price Forecast March 19, 2018, Technical Analysis

I believe that the FTSE 100 should continue to find buyers, as we have been forming a bit of a base of the last several sessions. I look at the 7100 level as an area that should offer support, and most certainly look at the 7000-level underneath as the “floor” in the overall uptrend. It’s also the 38.2% Fibonacci retracement level from the longer-term charts, so it’s likely that it will attract a lot of attention. In fact, I have no interest in shorting this market until we break down below the 7000 level as it would take a significant amount of momentum.

FTSE 100 Video 19.03.18

On the other hand, the 7150 level, where we are roughly as I record this, could be the beginning of significant support. If we bounce from here, I think the market will then make another attempt at 7200 above, and then I think the 7250 level is targeted after that. A break above that level would continue the longer-term uptrend, and I think at that point it would become more of a “buy-and-hold” scenario for those who had into this market early. Otherwise, if we break down below the 7100 level, I think it makes more sense to wait to see what happens at 7000 before we start shorting. After all, we have been in an uptrend for a very long time, so it wouldn’t take much to have buyers come back in more of a “risk on” move. I like the overall trajectory of this market but recognize that we are currently worrying about trade wars and the like.

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