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FTSE 100 Price Forecast September 25, 2017, Technical Analysis

Christopher Lewis
Updated
The FTSE 100 gapped lower at the open on Friday, but then rallied to break above the 7300 level. By doing so, looks as if the market is ready to continue to go to the upside. By sitting at that area towards the end of the day, it shows just how bullish this market is … Continue reading FTSE 100 Price Forecast September 25, 2017, Technical Analysis

The FTSE 100 gapped lower at the open on Friday, but then rallied to break above the 7300 level. By doing so, looks as if the market is ready to continue to go to the upside. By sitting at that area towards the end of the day, it shows just how bullish this market is likely to be, and we have cleared a gap from the previous week. I think that a break above the 7320-level census market looking for the 7400 level above. I think pullbacks continue to be buying opportunities, as the FTSE 100 should continue to strengthen as the British pound looks ready to roll over a bit. Remember, the FTSE 100 is highly correlated to export markets, and that of course means that the currency headwinds going away should help. Ultimately, this is a market that I think continues to see volatility, but more importantly, buyers on dips.

I believe that the market will target that 7400 level next, and eventually the 7500 level after that. That is an area that has a certain amount of psychological importance to it, as well as structural, so it may be difficult to break above. However, I think that as people continue to buy on the dips, they will probably add to their positions as more confidence comes into play. I don’t have any interest in shorting, least not until we break down below the 7200 level below, which would show a continuation of the selloff that had happened a couple of weeks ago. I don’t think that’s about to happen, so I remain bullish overall on Great Britain and the FTSE 100 itself. There is the possibility of headlines crossed the wires from politicians involving the divorce from the European Union that could cause issues, but beyond that I think we are about to see bullish intent.

FTSE 100 Video 25.9.17

This article was originally posted on FX Empire

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