5th October 2017
That was a pretty flat FTSE 100 session yesterday, most of the day spent hovering around the 7469 resistance area and failing to break one way or the other. The Gold long netted some points, and the S&P was the only market that rose, though only 5 points! Asia put in a lacklustre performance overnight, and everyone seems to be in a wait and see mode.
FTSE 100 Outlook and Prediction
Following a fairly similar plan to yesterday really, with a rise and a dip. There is still daily resistance at the 7508 area from the 20d Bianca channel. along with a fib level at 7511. There is 2 hour resistance slightly below this at 7491, and with the market being so flat, yet a bit of a rise in gold, I am still thinking that a dip down towards the 7350 level before another charge up is the likely path over the next few sessions.
After such a flat session yesterday the various support and resistance levels that get worked out are quite closely bunched – S3 at 7430 and R3 at 7498 – so we are likely to get a break one way or the other soon. If it was to be a dip down then I expect to see the bulls buy the dip though rather than the start of any major sell off.
We did get a little spurt up yesterday just before the bell with only a 3.5 divi, so the buyers are still keen which is why I am thinking a rise and dip plan for today. We also have the ECB meeting minutes released today, again these might give a clue on future monetary policy.
This whole area from 7490 to 7520 is decent resistance and if it turns here could see a run down to 7350.
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