9th November 2017
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The FTSE bulls failed to break through the 7533 level yesterday and we had a bit of a dip back towards 7500. But the FTSE bears couldn’t break 7500 so we ended up with a pretty flat day on the FTSE. The S&P managed to push on though, to hit 2595 (and 2597 overnight) but has since dropped back on the futures prices, following a sudden turn lower in Asian stocks during Thursdays session. The main story yesterday was regarding BitCoin and the Segwit 2x hard fork, estimated to take place on the 16th November has been pulled due to lack of consensus. The goal of the fork was to use the measure to increase bitcoin’s transaction capacity, which is today constrained by the nature of the software’s rules.
We had a bit of a kick up just prior to the bell for the dividend, but generally the FTSE 100 remained subdued yesterday. Oil data showed crude inventories rose 2.2m barrels vs an expected decline, but gasoline and distillates fell more than expected.
Resistance on the 4 hour chart is at 7540 which we have tested overnight and recoiled from. 7505 is however 10 day Bianca support. The tight range continues…
FTSE Outlook and Prediction
For today I am thinking that we will get an initial dip before the bulls appear at the 7480 level. We have held the 7500 area yesterday, though have dropped overnight from the resistance at 7540. 7485 is fib level and also just above the daily support, though below here there are several supports between 7460 and 7480, so this general area looks good to hold for the bulls. If we break 7460 however, then 7445 is the next support, and the bears gain some decent momentum.
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