26th July 2017
Steady rise yesterday to the 7450 resistance area where the FTSE 100 really just stalled rather than doing an awful lot. We got the rise as expected, but the downside wasn’t so forthcoming, with only a brief dip after the bell down to 7425. The bulls fought back helped by the rise in oil prices and we have remained at 7440 overnight. The top of both Bianca channels are at 7499, and there is daily resistance at 7515 – I am also thinking still that tomorrow or Friday may well see 7550. The Fed start their policy meeting today, and will deliver a rate decision today.
FTSE 100 Outlook and Prediction
I am thinking that today will be similar to yesterday with another leg up towards the next key resistance area at XXXX, then a little dip/hold around there, while we await the Fed. Earnings have been good so far from most companies (but not Alphabet!). Some of the members who are into Elliot Wave analysis have been mentioning that there is a chance that the current rise will be stalling around this current area before a larger decline so that is something to bear in mind.
The bears still need to break the 7400 area and then 7360 to get any meaningful declines, and we have a key fib pivot for support today at 7382 which may well hold on any bearish dip down, However, for this morning it looks fairly positive with a bullish 2 hour chart and the bulls fighting back last night from the 7425 level. Still looks like Monday was a stop hunt with that drop down to 7360 to cut some weak bulls and also trap a few bears.
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