Yahoo Finance FTSE 100 Index Price Forecast November 16, 2017, Technical Analysis
The FTSE 100 fell initially during the trading session on Wednesday, dropping down to the 7350 handle. The 7400 level above is massively resistive, so I think if we were to break above there, that would be a very bullish sign as it would not only be a reversal and they move above that level, we will have blown through the gap at the beginning of the session. As things stand, we could see resistance at 7400, but if we make a fresh, new low, I think at that point you could start selling again, perhaps reaching down to the 7300-level underneath. This is a market that continues to be very noisy due to the various issues coming out of the United Kingdom, and of course the lack of confidence that we are starting to see in Theresa May. Nonetheless, this is a market that I think will eventually catch it’s putting again.
Ultimately, if we break out to the upside, we should then go to the 7600 level above. That would be the top of the consolidation area from the longer-term, and therefore it will be very difficult to break through. If we do get through there though, the market should then go to the 8000 level, which is my longer-term target. In the short term, we could drop lower, but until we were to break down below the 7200 level, I believe that the uptrend is still intact, even if the short-term sellers may get a chance to make a few moves. Longer-term chart suggests that perhaps we could find enough support here to turn things around and perhaps try to eventually break out above the consolidation, but right now I can only place a trade if we can break above the 7400 level to the upside, or a fresh new low signaling it’s time to start shorting.
FTSE 100 Video 16.11.17
This article was originally posted on FX Empire
