FTSE 100 Price Forecast October 11, 2017, Technical Analysis

The FTSE 100 rallied on Tuesday, breaking above the 7500 level again. We gapped at the open, which of course is a bullish sign, and I think that we are simply trying to continue the overall uptrend that we have seen for some time now. Ultimately, I think a pullback should be buying opportunities, with the 7500 level now offering support. Given enough time, I think we will go looking towards the 7550 level, and then the 7600 level above. That of course is a large, round, psychologically significant number, but at the end of the day I don’t know that it holds any real significance for longer-term traders. The 24-hour exponential moving average continues to offer support, and we have broken above it again, and that of course is a bullish sign as well.

The British pound continues to look soft in general, and that of course helps exports coming out of Great Britain. The FTSE 100 is full of exporting companies, which of course shows itself in this chart. I think that the FTSE 100 will eventually find buyers on any dips that we get, and that longer-term we are probably looking towards the 8000 handle. Obviously, it’s going to take a while to get to that area, so it’s probably going to be a “add on the dips” type of move to the upside. It’s not until we break down below the 7400 level that I would be concerned with the uptrend, and I don’t think that’s going to happen based upon what we are starting to see in the overall attitude of the hourly chart. I believe that the market has been showing extreme resiliency, so it’s only a matter of time before we continue to reach towards higher levels.

FTSE 100 Video 11.10.17