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FxWirePro: FTSE100 likely to test 8000 level

Mega return in FTSE can’t be ruled out,

  • Based on calculations, we believe that the financial market participants are currently underpricing the possibility of a mega return in United Kingdom’s benchmark stock index FTSE100.
  • FTSE has been rising fast since it bottomed around 6750 area and currently trading at 7230 area (UK100 - CFD of FTSE100)
  • If the European Union and the United Kingdom can reach an agreement over Brexit, it would be very positive for the FTSE. If not, it can still be positive for the FTSE100 in the hope of a better outcome and Bank of England (BoE) resort to monetary policy easing.

We expect the FTSE100 to rise further and first test 7500 area and finally test key resistance around 8000. We recommend buying FTSE100 at the current level of 7230 and at dips of every 75 points.

 

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