11th September 2017
That was good support at the 7360 level we had on Friday which held and saw a slow rise from. The futures prices have also opened higher for the week after Irma was downgraded as it hit landfall and North Korea had a party rather than firing missiles to celebrate “founding day”. Risk appetite also returned to the markets as the chances of Federal Reserve interest rate increases this year receded after the U.S. was struck by the first back-to-back major storms since 1964. For now, I am looking to make sure Friday’s low area holds as support, and watching to see if the bulls can take us back to 7500+ this week, though we have a stumbling block at 7455 in the way first.
FTSE 100 Outlook and Prediction
Well, it looks like we are on track for a bull Modnay yet again, with a strong showing from the futures prices and a move above 7400. As mentioned above the bulls will need to break the 7440/7455 area to push higher, and we have a bit of a gap at 7380 which may well fill. There is also pretty decent support at this 7380 area on the 30minute chart to start with today, so buying the dip looks like the most sensible play. The markets have been buoyed up by Hurricane Irma not smashing Florida as badly as feared and also rate rises look to be on the back burner.
If the bulls can break the 7440 to 7455 area then we should be on for a rise to 7500 and maybe a bit higher though the top of the Raff channels are both at 7480 so again, another hurdle to jump here for the bulls. I have put a short here on the trade plan as when they are close together they usually represent a decent level.
Generally today I am feeling bullish and thinking that we will see a bull Monday. However, if the bears take the price below the 7373 pivot area then that changes the picture a bit and the bulls will be on the defensive – needing to hold the 7350 level. A break of this is likely to see 7300. For the moment it all looks bullish though.
Membership
Want more detailed analysis for FTSE 100, DAX, Gold and S&P? Then please join our active members community.
What you get
- Daily Analysis pre market open (sent around 7am each day) for FTSE, DAX, Gold and S&P.
- Daily email pre market includes my trading plan for the day including ORDER levels, with stops and targets/limits
- WhatsApp and webinars group membership for discussion and realtime trade updates