27th October 2017
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The bounce from the 7430 support level continued for most of yesterday though lacked the upward trajectory of the Dax and Dow which both climbed faster. Having hit the resistance at 7500 now, I am thinking that we will get a bit of a dip back to the 7475 support area this morning before further rises. After the bell yesterday we had more earnings with the tech companies showing strong figures. Draghi announced yesterday that the ECB has elected to buy fewer bonds for a longer time. He unveiled plans to halve monthly asset purchases to 30 billion euros in January through September, and cautioned the program will not have a “sudden end.”
FTSE Outlook and Prediction
We have risen well to the 7500 area and there is some initial resistance here first thing. Above this then I am watching the 7525 area as there are some key resistance levels in the 7520 to 7531 area, with 7539 above that. After the slow rise yesterday the 2 hour chart has gone bullish and is showing support at 7475 – the bulls will be keen to defend this area if we dip there initially as it sets us up for further rises next week. There is still a chance that we will see 7600 again soon.
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