23rd June 2017
That was quite bearish first thing yesterday dropping pretty rapidly to the 7398 10 day channel bottom by 10am. Investors were quite spooked with oil remaining subdued and Brexit negotiation fears weighing on minds. The daily chart has gone bearish now with a moving average cross – showing resistance at the 7465 level for today. The break below 7420 isn’t a good sign for the bulls and we could well be on for a dip down to 7380 and probably lower. The bottom of the 10 day channel today is 7385.
Asian equities are ending the week on a tepid note, with oil remaining below $43 a barrel, after a series of Federal Reserve speakers did little to alter projections for the path of U.S. interest-rate increases.
FTSE 100 Outlook and Prediction
For today I am watching the 7460/7470 area as we have a few fairly key looking resistance levels here, including the new one on the daily now that the moving averages have crossed over. Coupled with the red coral on the 2 hour chart the bulls might struggle to break this area. The bears will be keen to build on the weakness from the 7600 level recently, and will have been buoyed up by the break of 7420 yesterday, even though they couldn’t make it stick.
The bottom of the 10 day Bianca looks likely to be tested today at 7385, equally the 7475 level also. Freaky Friday for good measure so will be an interesting one. There isn’t an abundance of market moving news but the ASX had a rise dip rise sort of day as well, and FTSE 100 futures prices have remained fairly static overnight, around the 7425 level.
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