Yahoo Finance FTSE 100 Price Forecast March 22, 2018, Technical Analysis
The FTSE 100 went sideways at the open on Wednesday, but then broke down significantly. The 7020-level offered support, and I think that the 7000-level underneath is even more supportive. I think that there is plenty of buying opportunities near the 7000 handle, if we can retain that level. If we were to break down below that level, I think that we could probably open the door to the 6800 level. Ultimately, I think that eventually value hunters may return but I think that there’s also a lot of concerns about the British pound that could weigh upon the FTSE 100, as it has been gaining strength. There of course is the concern of more expensive British exports, and that weighs upon the index in general. I think if we break down below the 7000 handle, we could see a quick move. Otherwise, we could be forming a bit of a basing pattern between the 7000 and the 78 level, which is essentially what I believe will happen.
FTSE 100 Video 22.03.18
A break above the 7100 level should send this market higher, perhaps reaching towards the 7250 level. That’s an area that should be resistive, at least for short-term traders. Longer-term though, I think that if we rally towards that area we will eventually find enough pressure to continue the overall uptrend. A breakdown to the 6800 level would shake a lot of people out, and a breakdown below that level would open the markets to the idea of reaching 6500.
This article was originally posted on FX Empire
