FTSE 100 Price Forecast November 9, 2017, Technical Analysis

The FTSE 100 initially fell during the trading session on Wednesday, but found the uptrend line that I have marked on the hourly chart as supportive enough to turn the market back around. The 7500 level has offered significant support, coinciding with not only structural support, but the uptrend line as well. I believe that the market should continue to go higher, especially if we can clear the 7540 level. At that point, I anticipate that the FTSE 100 will go looking towards the 7580 level again, and then eventually the 7600 level. The market looks likely to continue to find buyers underneath, and therefore I like buying on the dips when it comes to the FTSE 100 as the British pound is historically cheap. This will be especially true if we break down below the 1.30 level in the GBP/USD pair, as it is massive support, and a breakdown below there should send the British pound get even cheaper. This helps exports, and that should continue to be one of the main themes.

I believe that the uptrend is very much intact, and I think that the 7600 level will be a bit of a ceiling, but longer-term, I believe that the market should break above there and go towards the 7750 level. This recent pullback has been very healthy for a market that has been very strong, and it offers value finally, as it had gotten ahead of itself in the recent past. I think that if we break down below the 7490 handle, that’s a very negative sign, as the market should then go down to the 7450 level. In general, I like buying the FTSE 100, but I don’t suspect that it will be an easy trade to hang onto to the upside.

FTSE 100 Video 09.11.17