FTSE 100 Price Forecast March 9, 2018, Technical Analysis
The FTSE 100 had a very positive trading session during Thursday hours, reaching towards the 7220 level but falling just short. Ultimately, I think we may pull back a little bit from here, but I think that the overall attitude of the market remains positive. Because of this, I believe that we will continue to see the market trying to reach the 7250 level, but it will obviously take a significant amount of time to get there. With this in mind, I believe that we will see support at lower levels, perhaps near the 7150 handle. I have no interest in shorting this market, because we continue to make higher highs recently.
Once we break the 7220 level, the market will go looking towards the 7250 level, an area that I think will attract a lot of attention. On the other side of the trade would be a move below the 7220 handle, which would free this market to go much lower. Recently we have seen a lot of damage to equities around the world, but I think some of this is starting to abate a bit, as people are becoming less fearful of a potential trade war, at least in the short term. Keep in mind that the British stock market of course has to deal with headline risk coming out of the negotiations with Brussels, but ultimately does look as if it is in more of an upward move than anything else. Overall, I am a buyer.