FTSE 100 Index Price Forecast October 2, 2017, Technical Analysis
The FTSE 100 had a strong session on Friday initially, but then just sat at the 7365 region. The market looks as if it is trying to build up enough momentum to break out, but I suspect that a pullback is probably coming to make that happen. That pullback should be thought of as value, because we are in an uptrend anyway. Longer-term charge suggest that we are going to continue to go sideways in the meantime, so I’m not looking for anything major. I think short-term scalping is very acceptable trading in this market, because we don’t have the clarity to break out yet. However, if we were to clear the 7400 level, I think that we will then go looking towards 7500 which would be even more stringent resistance. Nonetheless, I do think we reach that level, and I do think that we break above there.
If we do fall from here, I suspect that there is plenty of support at the 7300 level, and the 7200 level after that. Volatility can be your friend in the right circumstances, this may be one of the circumstances. By picking up bits and pieces of pullbacks, you should be able to stay on the right side of the trade as we have seen the bigger players come in and by the FTSE several times over the last several months. Once we break above the 7600 level, the market could end up being more of a buy-and-hold situation, but I don’t see that happening in the short-term, so most of you out there will be looking at short-term scalps on dips. It has been reliable so far, subtlety reason why it’s going to change now. There isn’t much coming up that should move the markets from a fundamental perspective.
FTSE 100 Video 02.10.17
This article was originally posted on FX Empire