FTSE 100 Price forecast for the week of March 19, 2018, Technical Analysis
The FTSE 100 broke down a bit during the week, reaching down towards the 7150 level. This market has a significant amount of support underneath though, especially near the 7000 handle which coincides nicely with previous resistance, as well as the 38.2% Fibonacci retracement level. Because of this, I feel it’s only a matter of time for the buyers return, and I think we are trying to build up a bit of a base for the continuation of the uptrend. However, if we were to break down significantly below the 7000 handle, we could reach down towards the 6765 level, which is the 50% Fibonacci retracement level.
FTSE 100 Video 19.03.18
I believe that in the end, the FTSE 100 will continue to find reasons to go higher, based upon the overall attitude of stock markets around the world. Yes, we have had a lot of concerns around the world, but the momentum is most certainly to the upside. However, all things are possible, so I would not put a lot into this position until the market moved in your way. If we can break above the 7300 level, that’s a sign that we are going to go back towards 7500, followed by 7800. I anticipate that the market will find buyers, but there are a lot of geopolitical concerns, such as the potential trade war, that could throw monkey wrench into things. Because of this, caution is advised.
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This article was originally posted on FX Empire
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