14th November 2017
Well that was a lot weaker than I thought it would be yesterday with all markets declining and breaking support. The FTSE 100 broke below the 7420 level but then found a bit of support at 7400 as they didn’t want it to head to the next support at 7375 after all. Its certainly looking more bearish now with quite firm downtrends not he Raff channels, and resistance on the daily chart at 7480. Weirdly, gold didn’t move much at all yesterday, though Bitcoin/Bitcoin Cash screamed around as usual! Having failed to get a bull Monday, I think we might see a bit of a rise today instead, up towards the 7468 and 7480 resistance area. I still think we will see a decline down to 7350 or lower (7330 maybe) this week, especially as we have now broken below 7420. Normally get a November sell off anyway, before the December rise.
FTSE Outlook and Prediction
With 7420 breaking I am fully expecting to see the 7375 support level. It was a bit strange that it didn’t fall further yesterday after the bears had made all the effort to get the price below 7420, but any rally today is worth shorting, especially if it was to get as high as the 7470/7480 area. Above 7482 and the bulls have clawed back some strength and we could well be back above 7500, but for the moment it looks bearish, with 7375 the next major support to watch.
Cable was once again the driving force behind the FTSE 100 moves yesterday, as well as the ongoing Brexit saga.
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