20th November 2017
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Friday’s long on the FTSE worked well with that nice rise to 7404 from the support at 7360. I had mentioned flipping to short at 7404 if so inclined and that was in fact the turning point as the bulls gave up the ghost there. Since then its looked weaker, with the Dax futures leading the way as Merkel struggles to form a coalition government following the election. 12900 looks key support initially on the Dax. BitCoin continues to be a safe haven (ha ha) and has passed the $8000 level as the buying continues. Both Bianca daily channels are now heading down with support around the 7300 level.
FTSE Outlook and Prediction
To start with this morning the 7359 is fairly key support and we might well see the bulls defend this initially. There is however a few key resistance levels at 7380 which looks like it might be a decent spot for the bears to appear again. Above this then the 7405 area is the next area of note which was Fridays high. The bulls will be extremely keen to get back above 7400 as it opens up a trip to 7450.
It’s Thanksgiving week in the US (closed on Thursday) so we may see some support this week. Gold continues to rise and looks like it might be testing the 1300 level again soon.
If the bears were to break the 7359 level then the 7305 area looks to be the next major support, with some fib support at 7328 on the way down.
The whole Brexit “thing” continues to drag on the FTSE and with cable back at 132, that has also weighed on it. However, if cable declines again then that will help the FTSE 100 to rise and potentially break the resistance levels.
So, watch 7380 and 7405 closely this morning as resistance levels, and the bottom of the Bianca channels at the 7322 and 7307 as support.
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