30th November 2017
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We twice saw the 7440 level but the bulls couldn’t break through to test the next level of 7460 and in fact the bears took control with a sub 7400 move late in the day. With Brexit at the fore again, the pound hit its highest level since October which weighed on the FTSE 100 and dragged it down to 7350. Bit of buying crept in there though we now have key resistance at 7411 today, for a possible run down to 7330. The S&P short at 2534 turned out really well, pretty much tagging the high of the day there, though gold fell sharply after upbeat U.S. growth data saw the dollar rise.
FTSE Outlook and Prediction
For today I am looking at shorting a possible rally up to the 7411 area and then see if we get a run down to 7352 or lower. Below here the 7336 fib level might hold as support, with 7300 below that. With hat drop yesterday the buying enthusiasm for the FTSE 100 dissipated, and we may see a slight continuation of that today. I think though that as long as the 7330, 7300 area holds then we will still see some buying in December.
If the bulls break 7412 however, then 7440 is still resistance with 7465 above that. If the bulls really go for it for the last 2 session of the week, then 7530 is a key area higher up.
We have a bearish 2 hour chart to start with, showing resistance at the 7411 and 7417 levels so I am feeling a short around this area is worth a go. We have dropped off the bearish coral trend line not he 30min yesterday at 7440 and moved back below the 200ema – that is now at 7406.
So fairly simple plan for today – rise and dip and look to short the rallies.
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