FTSE 100 Index Price Forecast May 9, 2017, Technical Analysis

The FTSE 100 initially gapped higher after the results of the French election became public, but then turned around to fall significantly. The 24-hour exponential moving average has offered dynamic support, and with that being the case it makes sense that the uptrend may continue. More importantly, the 7300 level should offer support, as it has been resistive as of late. The market looks very likely to continue going higher due to this support, so I am bullish and I believe that we will go looking towards the 7330 handle above, to fill the gap. That should be the first attempt, but then eventually I think we will eventually go to the 7400 level above. I like the FTSE 100, as it has been very bullish for quite some time. It might be a volatile and choppy, but longer-term suggests to me that if you are patient you are more than likely going to continue to see profits.

Previous resistance offering support

As per typical technical analysis, the market will often use previous resistance as support, and I think that’s what we are seeing on the hourly chart right now. I believe that the longer-term uptrend should continue, and it’s not until we broke down below the blue 72 hour moving average that I would consider selling. At that point in time, I would anticipate that there should be massive support near the 7220 handle as well. That was the scene of a gap previously, and should bring in some buying pressure. As for the long-term trading analysis is concerned, I believe that the 7500 level will be the target. The market will chop around, but will favor the buyers as it has for quite some time. Selling isn’t a thought

FTSE 100 Video 09.5.17