13th November 2017
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Friday saw the continued sell off on equities, with the FTSE reacting only at the lower support at 7420 which arrested the decline and saw a bit of a bounce up towards 7450 before closing for the weekend. Since then the pound has taken a hit with the UK government looking pretty pathetic with the the Brexit talks, which has helped the FTSE build on that bounce a bit, testing 7466 overnight. BitCoin was the headline grabber though, dropping 29% from Friday. BitCoin Cash however, climbing sharply as we rotate from one to the other.
Looking at the FTSE 100, for the moment, the bears are still in control. A break of 7420 and it looks weaker still, with the 7350 level looking likely.
FTSE Outlook and Prediction
As per Friday, 7420 looks fairly key again and a break of this is likely to lead down towards the 7350 level and maybe lower. If the bulls can defend it then the resistance level of note is 7482. If they can break this then a rise towards 7500 and the fib level at 7513 is possible, but the bears have the momentum at the moment. With cable declining to 131 then that does help the FTSE bulls, so keep watching cable closely for the moment.
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