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The FTSE 100 initially pulled back during the week but then shot towards the 7500 level. During the Friday session, we broke above there and it looks as if we are ready to continue going higher. I think the 7800 level would be the next target, and I think that the bullish pressure that we have seen over the last several weeks should be thought of as the market taking advantage of a recent pullback that offered plenty of value. I think that pullbacks at this point will offer more value, and I think it will continue to be a “buy the dips” scenario.
Once we break the 7800 level, we will then more than likely go to the 8000 handle. We have broken through a major resistance barrier over the last couple of weeks, so I think the “floor” in the market is at the 7250 level, as it was so resistive previously. I think that the market should continue to look to the upside, if the last couple of candles are any indication. At this point, I have no interest in shorting this market, as it has been far too bullish as of late. There is a significant amount of resistance above though, so it’s not necessarily going to be easy to do. However, if you are patient enough you can hold onto this position for more of an investment than anything else as we continue to see momentum build. I would not put a lot of money to work though, least not until we break out to a fresh, new high.
FTSE 100 Video 30.04.18
This article was originally posted on FX Empire