FTSE 100 Support 7233 7229 7214 7202 7180 7150 7078
FTSE 100 Resistance 7238 7252 7260 7267 7273 7308 7320
Good morning. That was a fairly flat day yesterday in the end with the bulls unable to reach the 7250 level. They managed to bring it back up after the dip down to 7210 to make a double top at the 7240 level, where we have stayed overnight. With the dollar dropping it was surprising that the FTSE 100 wasn’t a bit stronger. Anyway, after that neutral day yesterday the 2 hour chart has gone bearish with resistance at 7237, while the top of the Bianca channels have moved slightly higher to 7270.
The daily RSI is still at 85. Anxiety has crept back into markets in the new year following a burst of optimism that accompanied Trump’s surprise election victory, with investors expressing their concern largely via the currency market. The pound has been hit by resurgent angst over the implications of Brexit, while bitcoin has been whipsawed after touching an all-time high last week.
FTSE 100 Outlook and Prediction
I am still watching that 7250 level for resistance today, and we now also have 7270 as the top of both the Bianca channels for today. If the bulls manage to break 7250 then it would be almost certain to reach that 7270 level. Above this then 7300 is the next resistance area of note.
On the bearish side, and with the 2 hour chart going bearish overnight, the bears will be keen to defend the 7237 level, but the fact that we haven’t dipped much overnight suggests that the momentum is still with the bulls. The Daily RSI is still high at 84 though, but as mentioned can remain overbought a long time while prices continue to rise.
I am watching the 30min coral closely today as while it is still bullish, it has levelled off, suggesting a slow down of the upwards trend. As such we could well be about to start a pull back for that possible swing long entry around the 7070 area. I have gone for a short bias today with the trade plan and trying shorts off both those key resistance levels.
Trend still up..Below 7210 is support. Bulls fighting to buy
FTSE stronger than ever…so much different from November when it was dropping 100 points daily..seems people have forgot them days…the £/$ still dropping
Nice reaction from the bears at 7270….
FTSE100 still strong despite the drop in Oil…
RIO and BHP have helped today, both up around 5%
This again…
RSi, Stochastics at very high levels.
is the Ftse setiing itself up for a huge
pullback/correction.?Food for thought what if the multiNationals
in the ftse 100 have already hedged their currency exposure!