Yahoo Finance FTSE 100 flat during Thursday sleepwalk
The Thursday session was very quiet for the FTSE 100, as we went sideways, essentially unchanged for most of the day. The market seems likely to continue going higher though, because we are so comfortable at a fresh, new high. I believe that the 7250-level underneath is massive support, and I think that the market should eventually try to go to the 7400 level, and then eventually the 7500 level. I think that the market is likely to continue to see buyers on dips, at least until we were to break down below the 7200 level. I don’t think that happens quite yet, and I believe that we continue to be buyers of short-term dips.
If we were to break down below the 7200 level, the market should then go looking towards the 7000 level which is massively supportive in general. If we were to break down below that level, it’s likely to see this market unwinds rather drastically. Longer-term, I believe that the market will not only go to the 7500 level, but perhaps beyond there. I like buying short-term dips and playing this more or less as a short-term market with an upward bias. I think that a lot of traders are doing that in the CFD markets right now, as it is the perfect vessel for this type of situation. Every time this market pulls back, I look at it is a potential value play just waiting to happen. The FTSE 100 has been strong for some time, so these times of stability are opportunities to build up momentum.
FTSE 100 Video 20.04.18
This article was originally posted on FX Empire
