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FTSE 100 Index Price Forecast November 17, 2017, Technical Analysis

November 18
15:06 2017

The FTSE 100 rallied slightly during the trading session on Thursday, but continues to struggle at the 7400 level. There is a gap above there that continues to offer bearish pressure, but I think that if we can get above the 7415 handle, the market should continue to go much higher, perhaps reaching towards the 7500 level, and then eventually the 7600 level. However, I also recognize that the 7400 level is the middle of overall consolidation, and therefore we will see a lot of volatility. This will essentially be “fair value”, therefore a lot of attention will be paid to this market at these levels. We need to see some type of impulsive move to suggest which direction to trade, and therefore if we get an impulsive move to the upside, I believe that we go to the 7600 level. However, if we break down from here with an impulsive move to the downside, the market should then go down to the 7200 level which has been supportive on the longer-term chart. Pay attention to the GBP/USD pair as well, because of it makes a sudden move, typically this market moves inverse of that. The British pound seems to be essentially “stuck” currently, so it makes sense that we grind sideways in general. I am more than willing to sit on the sidelines and wait for an impulsive move on the daily chart to follow, as this type of volatility is difficult to make money and, because it is so tight. Once we do get some type of confirmation, I will not hesitate to get involved, because the FTSE 100 I believe it is trying to decide where the next 200 points are coming from. Patience should be rewarded.

FTSE 100 Video 17.11.17

This article was originally posted on FX Empire

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