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FTSE 100 Price Forecast February 23, 2018, Technical Analysis

Christopher Lewis

The FTSE 100 has gone sideways initially during the day on Thursday, but then popped above the 7250 level. The market looks very likely to continue to go higher, perhaps reaching towards the 7300 level, perhaps even beyond there to the 7500 level. Longer-term, that is my target, but I recognize there will be a lot of noise in the markets, especially considering as we get headlines coming out of the negotiations between London and Brussels.

I believe that the 7200 level is starting to offer a bit of support, so I think as long as we can stay above there, we are still bullish. Even if we break down below there, I believe that the bottom of the overall uptrend is at the 7000 handle. If we were to somehow roll over and break down below there, the market would be over with as far as an uptrend is concerned, and I would be aggressively short of this market at that point. However, I get that about a 10% chance of happening, and it certainly would happen in congruence with other markets melting down. Right now, it looks as if value hunters continue to flock toward stocks, and that should translate into the FTSE 100 showing signs of strength again. I believe that longer-term, the 7500 level will offer a lot of resistance, and we will have many more questions asked of that level, which will determine whether we can continue the overall uptrend.

FTSE 100 Video 23.02.18

This article was originally posted on FX Empire