27th September 2017
The FTSE 100 hovered around the 7300 level yet again yesterday not really breaking below the 7280 support, or the 7310 resistance level from Monday. The Dax however worked perfectly with the rise from the 12550 to 12630 area before turning down. Gold was weak though, breaking below 1300 and that long getting stopped out. Rumblings between the US and NK continued, Yellen hinted at a December rate rise and Trump reveals the tax reform plans today. The FTSE will be waiting to hear what Mark Carney says in his speech tomorrow.
FTSE 100 Outlook and Prediction
For today I am thinking that we might push through that 7310 resistance and finally get a rise towards the 7335 resistance level. The bulls will have to cross 7300 first though as there is some resistance here (worth a speculative short). The 7335 level looks interesting as there are a few key levels of resistance here so looks to be worth a short too. If the bulls were to push above this then the 7373 level is the next level of note.
The FTSE 100 feels like its treading water again, with support at the 7280 level – Carneys speech tomorrow might well give it a push in one direction or the other. The support area of note below the 7280 area is 7210 and the bulls really will need to defend this if we are not to go considerably lower.
Not too much more to say really! Tiny dividend today of 0.71 so unlikely to see much divi hunting before the bell.
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