Yahoo Finance FTSE 100 Price Forecast January 17, 2018, Technical Analysis
The FTSE 100 broke down below an uptrend line during the trading session on Tuesday, reaching towards the 7750 handle. A breakdown below there should send the market down to the 7700 level after that. That’s an area that should be structurally supportive based upon the large, round, psychologically significant number, followed very rapidly by the 7600 level which is the beginning of the uptrend line that we have been following, and is a typical pullback to find buyers. Because of this, I think we will eventually have an opportunity to go long, but I don’t see an opportunity to do so quite yet, least not with any clarity.
I’m waiting to see whether we can get support and stability at one of these levels before putting money to work, and then at that point I think it’s time to start going long again. The markets have gotten a bit stressed on the short-term, and I think that the pullback will probably do some good, as it offers value that people can take advantage of. Remember, index traders tend to be investors, so therefore they look at dips as value and look at the overall pricing opportunity for longer-term move. If we were to break down below the 7600 level, that would be a bit more significant, but otherwise, this should be a nice buying opportunity.
FTSE 100 Video 17.01.18
This article was originally posted on FX Empire
