7475 support then 7455 | 7520 resistance | Trading Technical Analysis | FTSE 100 Forecast

Cautiously bullish today with a rise towards 7100 | 7200+ soon | 7043 support | Live trading chat room

2nd February 2018

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The 7475 area provided support yesterday, midway between the 7450 and 7500 levels that were showing as main supports, and remains in tact for today as well.

Meanwhile the GBPUSD rate continues to climb towards its pre-Brexit highs. We have NFP news out today, with a forecasted 180k, versus 148k last month. This NFP figure is the monthly change in employment excluding the farming sector, in the US. The unemployment rate is expected to to remain at 4.1% – both of these are released at 13:30 today.

Google parent Alphabet Inc. missed earnings estimates and Apple Inc. forecast lower-than-expected revenue.

FTSE 100 Forecast and Prediction

We might well see the 7475 level hold today as its been supporting the bulls so far this week. If it were to break then I am looking as a drop down to the fib level at 7456 today, which is just below S1. We do also have the 200ema on the daily looming into view at 7440, so that level is also worth a watch.

With cable continuing to climb, and the general risk off mood at the moment, the bulls aren’t really able to get the FTSE 100 to bounce. However, if these 7450 support areas hold then we might see a swing back to a bit more bull. If we do then I am watching the R1, 200ema 30min and fib level around the 7550 area as key resistance.

ESMA Margin and Leverage increase proposals

As a side note, we should all object to these increased margin and leverage proposals. While a small increase is probably warranted, what is being proposals is draconian and overkill and will prevent most retail traders from actually trading. You can object here


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