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FTSE 100 Price forecast for the week of December 18, 2017, Technical Analysis

December 16
17:06 2017

The FTSE 100 rallied during the previous week, breaking above the top of the hammer from the weekend before that. We did struggle at the 7500 level, but I think it’s only a matter of time before we reach the top of the consolidation area, near the 7600 level. If we can break above the 7600 level, the market then should go to the 7800 level above. Ultimately, I think that will happen, and based upon the move I would fully anticipate being able to hang on to the trade to at least the 7800 level, if not the 8000 handle. The market has been bullish for some time, and the recent sideways reaction over the last 6 months makes quite a bit of sense, as we get the negotiations from both Brussels and London taking over the headlines.

I believe that the 7200 level is massive support, so it’s not until we break down below there that I would be concerned about the uptrend. Granted, we have been range bound, but that is typical in a move like this, as “consolidation normally means continuation.” In general, this is a market that I think should favor the upside as the British economy has a bright future, with exports doing quite well with the cheaper than typical British pound. If the trade agreement between the European Union and the United Kingdom is reasonable, this is a market that should continue to be noisy, but positive.

FTSE 100 Video 18.12.17

This article was originally posted on FX Empire

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