1st June 2017
I am back in the UK now after my short break – they always go too fast don’t they! Anyway, I see that the FTSE 100 put in a decent bullish morning yesterday to test the 7590 level before dropping back. Overnight the 7540 area has remained as support and the bullish momentum seems pretty intact still. There wasn’t much “sell in May” this year (yet again, and I think its one of those mantras that has less relevance in todays trading world). That said the 2 hour chart has gone bearish after the dip back yesterday and has resistance at 7547 for today, so the bulls will be keen to push above this first thing for a rise to the top of the 10 day Bianca at 7581 – might see a decent double top with yesterdays level. There is decent support at the 7475 level as well at the moment so if we were to dip that low today or tomorrow then its a decent long entry point.
FTSE 100 Outlook and Prediction
The start of the new month coming off the back of a pretty strong May might well see a bit of an initial rise towards the double top area with yesterday. We have a pretty key fib level at 7588 also there, so any bullish rise may well stall at that level. The top of the 10 day Bianca is also at 7581. As mentioned above the 2 hour chart is currently bearish after that drop back yesterday afternoon, so the bulls will need to break 7547 as we have resistance there on that timeframe.
Want more detailed analysis? 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