12th May 2017
The FTSE 100 managed to just tag 7400 out of hours last night but got dragged back a bit overnight by a weaker Asia and ASX200 (Australia). They dropped on worries over US consumer spending, which also dragged the US markets down during the day. Didn’t seem to have much effect on the FTSE 100 during the in hours session though – frustratingly for the bears it just doesn’t want to drop! That said, with hat overnight weakness the 2 hour chart has gone bearish and there is resistance at the 7399 level. I still also have the 7412 level. Could be an interesting day!
FTSE 100 Outlook and Prediction
As mentioned above the FTSE 1000 2 hour chart has gone bearish overnight, and is showing resistance at 7399. However there is a very stubborn resistance from the FTSE to show any sort of weakness at the moment, with most resistance levels getting broken fairly easily after a tiny reaction to the downside. Unfortunately its not even weak enough to enter off key support levels either! Its definitely being a bit strange!
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