The FTSE 100 rallied significantly during the session on Thursday, and then continue the upward grind on Friday as Mark Carney of the Bank of England suggested that perhaps the central bank wasn’t as hawkish as once thought. This continues to see a lot of cheap money flow into London stocks, and I think that we will continue to see the FTSE 100 go higher. The 7400 level above is a target, and then the 7500 level after that. The 7250-level underneath should be supportive, and quite frankly at this point I don’t know that we get there. 7300 will be supportive as well, so I like the idea of buying short-term pullbacks to take advantage of value in a market that should continue to see plenty of upward momentum.
The geopolitical concerns around the world will continue to push stock markets higher if they can be avoided, especially in Syria and the trading situation between the United States and Canada. Ultimately, I think that the market will continue to find dips as value, and I think that we will continue to see the FTSE 100 to perform right along with the other stock markets around the world in a “risk on/risk off” attitude. The market should continue to see plenty of volatility, but I think that there will be enough bullish pressure to eventually come in on these dips. If we were to break down below the 7200 level, then I think the thing could come undone, but that seems to be very unlikely now that we have seen this move.
FTSE 100 Video 23.04.18
This article was originally posted on FX Empire
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