Advertisement
Australia markets closed
  • ALL ORDS

    7,957.80
    +32.60 (+0.41%)
     
  • AUD/USD

    0.6516
    -0.0044 (-0.67%)
     
  • ASX 200

    7,703.20
    +27.40 (+0.36%)
     
  • OIL

    82.48
    -0.24 (-0.29%)
     
  • GOLD

    2,158.80
    -5.50 (-0.25%)
     
  • Bitcoin AUD

    99,356.45
    -5,800.12 (-5.52%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     

FTSE 100 Price Forecast March 19, 2018, Technical Analysis

The FTSE 100 has been bullish during most of the trading session on Friday but rolled over towards the end of the day as we approach the 7190 level. Regardless, I see support just below.

I believe that the FTSE 100 should continue to find buyers, as we have been forming a bit of a base of the last several sessions. I look at the 7100 level as an area that should offer support, and most certainly look at the 7000-level underneath as the “floor” in the overall uptrend. It’s also the 38.2% Fibonacci retracement level from the longer-term charts, so it’s likely that it will attract a lot of attention. In fact, I have no interest in shorting this market until we break down below the 7000 level as it would take a significant amount of momentum.

FTSE 100 Video 19.03.18

On the other hand, the 7150 level, where we are roughly as I record this, could be the beginning of significant support. If we bounce from here, I think the market will then make another attempt at 7200 above, and then I think the 7250 level is targeted after that. A break above that level would continue the longer-term uptrend, and I think at that point it would become more of a “buy-and-hold” scenario for those who had into this market early. Otherwise, if we break down below the 7100 level, I think it makes more sense to wait to see what happens at 7000 before we start shorting. After all, we have been in an uptrend for a very long time, so it wouldn’t take much to have buyers come back in more of a “risk on” move. I like the overall trajectory of this market but recognize that we are currently worrying about trade wars and the like.


Suggested Articles

ADVERTISEMENT

This article was originally posted on FX Empire

More From FXEMPIRE: