22nd June 2017
The 7420 level provided good support and the long managed to run to virtually 7470 before faltering. Overnight the FTSE has stayed up well, with it back to 7460 this morning. The bulls will need to break the 7480/7490 resistance area this morning to push higher, and of course defend any retests of the 7420 level. The Bianca channel bottoms are slightly lower at 7407 and 7398 for today. Oil continued to be weak, with Brent crude entering a bear market Wednesday, plunging below $45 a barrel for the first time since November. Gold has bounced from the lows yesterday – typically just tagged my stop at 1241 perfectly then climbed and continued overnight. Still, better than holding Ethereum which flash crashed from $300 to $13 in minutes overnight.
FTSE 100 Prediction
The ASX200 had a decent bullish performance today and I think that we may follow suit. The 7420 level held well yesterday and we have support at 7440 today. The key will be if the bulls can break the 7490 resistance area and if not then a test of the lows is possible. If 7420 breaks then we could be on for 7350, where we have the bottom of the 10 day Raff channel and maybe even lower.
If the bulls do break 7490 and we look like we are going to hold above that then we could be on for a bullish end to the week with a rise to test the 7600 level.
That said, the 2 hour chart is still bearish, with the resistance level at 7480 so any early rise might well encounter some resistance here.
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