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FTSE 100 Price forecast for the week of January 15, 2018, Technical Analysis

Christopher Lewis
Updated
The FTSE 100 has enjoyed yet another positive week, breaking the top of the previous week’s hammer, so it gives us an opportunity to go much higher. The 7600-level underneath offers plenty of support, and I think it’s only a matter of time before the buyers get involved again.

The FTSE 100 of course has been bullish over the last several weeks, being very explosive and breaking above the vital 7600 level. I believe that the market will ultimately find reason enough to go long, and that short-term dips will continue to be buying opportunities for what should be a very strong market. Ultimately, I think that the market goes to the 8000 handle, and with this being the case it’s likely that short-term pullbacks continue to offer value that we can take advantage of. If we were to break down below the 7600 level, I think that the 7500 level will be a bit of a “floor.” The market participants continue to be very bullish of this market in every time we pull back it offers a significant amount of value.

I think that it will take a momentous amount of volume and effort to finally break above the thousand handle, but it certainly seems as if it is an area that we are trying to get to. The noise in this market continues to be based upon the British pound moving around so violently, and of course the headlines coming out of the negotiations between the European Union and the United Kingdom. I like the idea of going long on dips as they represent value, and the hammer from the previous week of course is a very positive sign indeed. I have no interest in selling this market.

FTSE 100 Video 15.01.18

This article was originally posted on FX Empire

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