7545 resistance today with bulls stalling | trading help signals analysis

12th October 2017
Thats the first time in a while that the 2 hour support level hasn’t worked while we are in an uptrend so it might be a sign that things are getting a bit toppy, with the 7540 level breaking yesterday. The FTSE never really retraced its fall during the day either, with the divi spurt at the end only adding 5 or so. After the Fed minutes showed there remains a strong degree of caution over the timing of future interest-rate increases, we saw gold rise further towards 1300, and the S&P rise again to test the 2555 level.


FTSE 100 Outlook and Prediction

FTSE 100 Prediction Support Resistance Trading Signals
FTSE 100 Prediction Support Resistance Trading Signals

For today there is resistance on the 30min chart to start with at 7535, and then the 2 hour chart at 7545 above this. After yesterday’s poor show from the bulls, a rising gold price, and the failure for the FTSE to follow other markets higher there might be a bit of hesitancy to pile in long at the moment. When 7535 broke the other day, that was the bulls sign to push on to 7600 which they haven’t been able to do yet. I am watching 7545 closely today as that is the new level that the bulls need to break if they are to make that happen.

Yesterday being weak has meant that the 2 hour chart is bearish again (its a bit choppy at the moment) and showing that resistance, while the 7515 is the 200ema on the 30min chart and in theory is decent support. We also have the bottom of the 10 day Bainca channel at 7528 though we are just below this. The 10 day Raff is at 7505.

The ASX200 had a decent bullish day which may well reflect int he FTSE today, though the rise in cable has not helped the FTSE bulls. Its back above 132 now and weighing it down. If cable continues to rise then the FTSE should, in theory, decline.

Below the 7505 level then we have a key fib at 7485 and if the bears do start to take control then a decline down to 7455 looks probable.

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75 Comments

  1. Morning all. Holding ftse shorts and dow shorts, hedges closed. Will readd near dow open if necessary

  2. Its unplayable. Trend is up but even a minor correction is long overdue. It doesnt want to go down but cant go up. One for the scalpers.
    Im staying out of stocks just now, dont want to get caught the wrong side of an impulse move.
    Normally I would jump in looking for 7560 but RR not worth it.
    Better to sit on the sidelines and await developments.
    The bund however looks like a triple bottom on daily and may be poised for a rise.

  3. I don’t believe in long anymore. Help! FTSE goes up, Dax goes down at the same time! My long from 12960 was halted, 12947 closed early. Sitting on b/e right now.

          1. …don’t beat yourself up Jack, I bought 51’s and sold 52’s…… then it rallied to 80 ! Just my luck

    1. I went short of boredom on Dax some minutes ago (closed now) then thought it’s not worth it. It still may go up. Price doesn’t know what is low or high, it knows direction. It is like a blind cat poking where it’s pushed. it knows higher or lower.

  5. Morning fellas….just bare with me on this before you think it’s crazy….I think the Ftse is due a major break to the upside…..everybody is thinking its going
    to crash….look at the weekly Dow chart….it’s just nudging overbought….last time the RSI dropped off from above 80 was late February….from it nudging overbought to selling off the Dow increased over 1000 pts…..I can this pattern happening again with the Dow nudging closer to 24,000… I think it will probably retrace around 23800….. If cable sells off the Ftse could be on for 7900s……not a comfortable trade at these levels with NK etc but that’s what I think we are in for…..The hard trade is usually the right trade!!!!…

    2. I think if it was going to break out on this leg it would be going up with more purpose than its had the last few days. Thinking maybe 6 weeks of consolidation then take out the ATH with the xmas rally

          1. Haha.. close those longs into resistance. Worth a go selling but get out if it breaks. It’s tedious to watch though, only one 10 point move to play this morning

            1. Yes, holding longs into the resistance is not the best play, but if you accumulated longs… then maybe. Dax had accumulated a lot of positions around 920-30 area with those spikes and ready to break on 1 hour. But question is: when? Today, tomorrow?

          2. Yesterday was a scary day for me…..I was trading from a friends house…….had laptop on the settee…I went out into the kitchen to make a drink….when I returned to my horror there was a black cat sat right bang in the middle of my keyboard …,never been so scared trading ever before!!!!……didn’t know if my trades where closed out or new positions added or anything….!! As it happened all was well but it’s another element of risk to think about!!!

              1. It wasn’t DCB that’s good.
                In Russia if black cat crosses the road we go around the block, superstition.

                1. No definitely wasn’t drinking!! Trading is hard enough as it is……besides I found some cat hairs on the screen this morning so it wasn’t a bad dream either!

    1. Probably not Jack as this ftse pop is purely on gbp weakness. That means relative eur strength so probably not good for dax longs.

      1. Good I didn’t see your comment. I just wanted to follow my instinct. And looks like Dax did it “his way” again, and so I cashed on it this time.

  8. Probably rose on admission brexit talks deadlocked causing gbp fall.
    Question is, is this the final drive taking out short stops, wouldnt be surprised to see a pullback in ftse later.
    However id rather miss a rise to 7600 than get caught at the top holding crap.
    I dont normally short markets, but it is October….and we have come a long way.
    A close under 7535 and I will initiate shorting fury!

    1. Yeah.. I’ve sold for a third time today.. limit down under my system if this one gets stopped so will be out for the day. Don’t trust this rally

  11. Bitcoin…i dont get it. Up x6 since january. Backed by nothing. Hackable. Undoubtedly will be criminalised by governments. Traceable (its not really anonymous).
    Gold…hardly moved. In short supply. Cost at least $1200 Oz to dig out of the ground. Highly sought after. Industrial and medicinal uses. Universally accepted currency. Unhackable. Cant be printed or magiced on a hard drive. Go figure.

  12. now that 50 is support do we ssume it will hold for a while and price will not fall below for awhile.

    2. Let’s see how it closes.. the candlesticks look toppy as long as 65 holds now. But hate these currency driven moves where they terminate in a random place. Much prefer when it respects support and resistance

        1. dun understand when cable rised yestersay there was not drop but it droppedtoday and we are at ATH

        2. That was CM.. he was thinking 60ish then down. I had a FTSE pivot 7540-7550 area so was looking to sell in to that. We’ve cleared it which is bullish.. but then the chart looks toppy at 7565. So tbh.. I’m still holding short from 7560 and looking for a break back into the range. If it doesn’t come by the close I’ll exit and reassess tomorrow though

  13. Fuf, I couldn’t hold any more guys. Maybe I am a weak person. I really wanted to be a pioneer of 13000 but I did mine on 12987.2. That’s a good run from 12955 on a decent finally stake. Happy with that, it was worth it. GL

    1. 1:6 win and 10% of account up.
      When I was in it I wrote a message on a paper next to me: The nastiest level of greed. That’s what I was experiencing. 🙂

    3. The thing is, I don’t know where Dax is going, there’s no target and that what makes trading harder, the previous all time high was 12955.2. I basically longed today from that, I must be mad! The most expensive 7 points on top of my exit. How far will it go?

      1. 55-92 is a nice trade in this market.. got to see whether that was a one touch and down as it looks resistive on the daily

        1. Hooray, we made it! I planned 55 but then took 57, then 53 and averaged. I think 13003 is the top for today.

    1. bought cable 135! left till yesterday thughtit was glitch when i saw 1000 proot on itquick to close it .. thisis why lovethis

      1. The currency moves don’t help.. half the time they’re because of random speeches which makes it hard to track. Plus I’m of the view that it’s all a bit irrelevant in the long term in terms of the impact on profits so these algos are overreacting. Shows how thin the volume is as I’m sure half a cent moves a few years ago wouldn’t have made much difference to the FTSE

  16. That was some move up again on cable……suppose the Algos excentuated it… And Ftse back down to where it started…..

        1. everything is possible in here!! one or the other it will take people’s money .. when people start buying hinking is too late it goes further down n down .. last year same time till now ll it has done is up an down .. we are after all playing game of probabilities one has to win

    1. Hmm. Just been reported on express. Looks like this happened about 2 hours ago as per earthquaketrack.com

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