FTSE 100 Price Forecast January 16, 2018, Technical Analysis
The FTSE 100 has gone back and forth during the session on Monday, as we continue to see this uptrend line on the hourly chart offer plenty of support. I think that given enough time, the market will go higher, perhaps breaking above the 7800 level. Once we get above there, the market should then go to the 7900-level next. Longer-term, I believe that the 80,000 level is the longer-term target, but I think it could take a while to get there. The British pound is starting to rally, so it does work against the idea of British exports, but at this point I think there is more than enough reason to think that this market will continue to go higher, based upon momentum if nothing else.
If we break down below the uptrend line, the market probably goes down to the 7700 level, and then possibly the 7600 level which is the bottom of the very clearly defined uptrend line that we have seen. I believe that bounces will offer buying opportunities if we do break down, so at this point I don’t have any interest in shorting the FTSE 100. That’s not at least until we break down below the 7600 level, something that doesn’t look very likely to happen, at least not in the short term. I believe that every time we pull back, people will be looking at the market as offering value, and that gives us an opportunity to pick up value as it appears. 8000 is the goal, and I think that given a few months we should get there.
FTSE 100 Video 16.01.18
This article was originally posted on FX Empire