7th August 2017
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The markets were pretty bullish on Friday after the the NFP data beat expectations (209k v 180k) and that trend continued in Asia today. News over the weekend about a sanction led crackdown on North Korea being endorsed by China helped, as that could add a bit more stability to the region. Friday saw the dollar strengthen as well, and with oil rising, we saw the FTSE climb from the 7461 low. Could be interesting today as traditionally its bull Monday, but th last 2 havent been, plus we are now near the top of the two Bianca channels for today – the 20 day at 7532 and then 10 day at 7542. Any dip however is likely to be bought as we have a large 40 point dividend this week which will keep prices up ahead of that on Wednesday.
FTSE 100 Outlook and Prediction
For today it largely looks like we will resume the usual pattern of bull Monday. Asia had a decent session and so did Australia, both rising for most of the Monday session. We are near the top of the 2 Bianca channels though at the 7535 area, however the 7355 level looks better resistance and a possible stutter area as we have the 2 Raffs and a fib level here. Above this then 7580 looks like it will probably be tested later today, especially if the US has a bull Monday also, and pulls us up later.
There has been some profit taking on gold after its recent rises, and that has dropped back a bit now to 1257 from the recent 1275 high.
Oil has continued to rise, and a dip back on cable towards 130 has helped keep the FTSE up.
Support wise, the daily pivot at 7499 is the most likely near support, while the 2 hour has a bit slightly lower at 7485 and 7444. The daily chart is back into a bullish pattern now, and showing support at 7435. I don’t think we will get that low today though.
Basically looking at buying dips today, though watching 7555 and 7580 for stutters.
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