Advertisement
UK markets close in 8 hours 22 minutes

  • FTSE 100

    8,078.86
    0.00 (0.00%)
     

  • FTSE 250

    19,601.98
    0.00 (0.00%)
     

  • AIM

    753.12
    0.00 (0.00%)
     

  • GBP/EUR

    1.1650
    -0.0006 (-0.05%)
     

  • GBP/USD

    1.2509
    -0.0002 (-0.02%)
     

  • Bitcoin GBP

    51,451.15
    +57.33 (+0.11%)
     

  • CMC Crypto 200

    1,391.06
    -5.48 (-0.39%)
     

  • S&P 500

    5,048.42
    -23.21 (-0.46%)
     

  • DOW

    38,085.80
    -375.12 (-0.98%)
     

  • CRUDE OIL

    83.96
    +0.39 (+0.47%)
     

  • GOLD FUTURES

    2,353.10
    +10.60 (+0.45%)
     

  • NIKKEI 225

    37,934.76
    +306.28 (+0.81%)
     

  • HANG SENG

    17,678.62
    +394.08 (+2.28%)
     

  • DAX

    17,917.28
    -171.42 (-0.95%)
     

  • CAC 40

    8,016.65
    -75.21 (-0.93%)
     
Stocks:

Trending tickers

Microsoft, Alphabet, Anglo American, IBM, Astrazeneca, Unilever and Sainsbury's

FTSE 100 Price forecast for the week of January 22, 2018, Technical Analysis

Christopher Lewis
Updated
The FTSE 100 had a negative week, but quite frankly it has been explosive to the upside over the last couple of months. That gives us an opportunity to go looking for value.

The FTSE 100 fell a bit during the course of the week, but quite frankly I see a lot of support at the 7700 level underneath, and of course the 7600 level which was the scene of the recent breakout. I would direct your attention to the candlestick 2 weeks ago that formed a hammer, suggesting that there is plenty of noise and support underneath to keep this market afloat. I like buying dips, and I believe that we will go looking towards the 7800 level, and then eventually the 8000 level based upon longer-term trading. Ultimately, it’s not until we break down below the 7400 level that I become concerned about the longer-term uptrend, and with the British pound being historically low, I think people will still look to the FTSE 100 as a potential place to find value based upon cheap exports.

Global growth continues to strengthen, and that help stock markets in general. I think that continues to be the story here at the FTSE 100, and therefore I believe that 1000 will be targeted rather rapidly, as soon as we can get some type of catalyst to go long going forward, perhaps a resolution to the negotiations between the European Union and the United Kingdom. Most traders are looking to buy the stock markets around the world, but if they have certainty with that deal, that just gives them another reason to be comfortable putting money to work. If we were to break down, it will probably be based upon some type of horrible trading agreement.

FTSE 100 Video 22.01.18

This article was originally posted on FX Empire

More From FXEMPIRE: