Advertisement
New Zealand markets closed
  • NZX 50

    12,105.29
    +94.63 (+0.79%)
     
  • NZD/USD

    0.5984
    +0.0009 (+0.15%)
     
  • NZD/EUR

    0.5543
    +0.0010 (+0.18%)
     
  • ALL ORDS

    8,153.70
    +80.10 (+0.99%)
     
  • ASX 200

    7,896.90
    +77.30 (+0.99%)
     
  • OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD

    2,254.80
    +16.40 (+0.73%)
     
  • NASDAQ

    18,254.69
    -26.15 (-0.14%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • Dow Jones

    39,807.37
    +47.29 (+0.12%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • Hang Seng

    16,541.42
    +148.58 (+0.91%)
     
  • NIKKEI 225

    40,369.44
    +201.37 (+0.50%)
     
  • NZD/JPY

    90.4600
    +0.0670 (+0.07%)
     

FTSE 100 Price forecast for the week of March 19, 2018, Technical Analysis

The FTSE 100 has fallen during the week, reaching down towards the 7150 handle, but managed to show signs of support on Friday. Because of this, I think that we will continue to see a lot of the same action that we have seen in the past, as we approach a significant support level.

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.


Suggested Articles

ADVERTISEMENT

This article was originally posted on FX Empire

More From FXEMPIRE: