FTSE 100 traders rally during the week, reclaiming 7000

This past week has been very strong for the FTSE 100 CFD, as we have broken above the 7000 handle again. As we close the week, we reach towards the 7100 level, but see quite a bit of noise just above, and I think it extends to the 7250 level. If we can break above that barrier, essentially the 7300 level, then I think were free to continue the overall uptrend. However, I anticipate that we could see a bit of noise just above that could cause some issues. I think that market participants will continue to look for exhaustive candle’s that I can take advantage of, perhaps on the daily chart.

Longer-term, there is a lot of support at the 6600 level, and I think that if we were to roll over and break down to a fresh, new low, we would probably go down to that level. In general, I believe that this market should continue to see a lot of choppiness, but I also believe that longer-term we could see a bit of buying pressure underneath. I think that this will come down to the top of trade wars, and of course whether the Bank of England is going to raise interest rates slowly, or rapidly. Right now, it appears that they will be very cautious about doing so. A breakdown below the 6600 level would be very negative, and unwind this market, reaching down towards the 6000 level under their, perhaps offering a lot of selling pressure in a short amount of time.

FTSE 100 Video 02.04.18