FTSE 100 continues sideways movement
The FTSE 100 has pulled back to the 7400 level during the trading day on Tuesday, showing signs of support there as we have gone sideways in general. The market looks likely to continue going higher, and I think that we will eventually see the buyers come back. I like the idea of taking advantage of value when it appears, extending down to the 7300 level, and then possibly even the 7250 level. I think that the market has more than enough buying pressure below, and I think that it is only a matter of time before the buyers come back to take advantage of any type of pull back.
If we were to break down below the 7250 level, then we will probably unwind towards the 7200 level, an area that is massive support. I don’t think that’s going to happen though, and I am willing to start putting on small positions in the FTSE 100, building up to a larger position over the longer term. Ultimately, that should send this market towards much higher levels, perhaps 7500 which is a bit of a longer-term target for me. A break above there then frees the market to go looking towards the 7600 level as the FTSE 100 is technically driven and moves between these handles quite nicely. I have no interest in shorting the FTSE 100 anytime soon, and I think that we will continue to see an upward proclivity.
FTSE 100 Video 25.04.18
This article was originally posted on FX Empire
