The FTSE 100 has rallied a bit during the trading session on Tuesday, and a slow and gentle continuation of the upward trend. I like this a lot, because it is not a market that’s overheated, and it is a very sustainable rally from a technical standpoint. I think that the 7900 level is offering a little bit of resistance, but quite frankly that would be expected as it is a large, round number. Eventually, I anticipate that we will break above that level and continue to go higher, but we may get the pullback in the short term to pick up a little bit of value, perhaps as a way to entice buyers back into this market.
Market participants continue to look at the FTSE 100 as a safer place to put your money than the European Union, as we are starting to see concerns about banks in Europe come to the forefront again. At the very least, the Italian banks and Deutsche Bank are reason to be concerned about the EU. We’re starting to see problems in the Italian bond market as well, so it makes sense that money would flow across the English Channel. At this point, it’s starting to look like a very smart decision to leave the European Union, and I think that’s part of what we are seeing in this market. Yes, there is some uncertainty ahead, but at least it’s in the hands of the home country.
FTSE 100 Video 23.05.18
This article was originally posted on FX Empire
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