22nd May 2017

It was fairly flat on the FTSE 100 on Friday, with a little rise at the end of the day up to the 7490 level, and futures prices have remained strong this morning. News of a further North Korea missile launch, and the ongoing political rumbling about Trump have failed to dent the bullish momentum over the weekend. Trump was in Saudi Arabia at the weekend, which saw talk of further OPEC oil production cuts forthcoming. A decision will be made on Thursday at a key meeting.

FTSE 100 Outlook and Prediction

With the story that Saudi Arabia is willing to cut oil production for a further 9 months the oil price will likely rise a bit further which will help the FTSE 100 as that is heavily influenced by commodity stocks and miners. As such we should get another bull Monday, with a rise looking likely towards the fib level at 7510. Above this then 7535 looks of interest and then above that we have the top of the 2 Bianca channels just below 7600. An area that might be worth a short!

After Fridays bullish close, the 2 hour chart has gone bullish again, with support at 7479. We also have the daily pivot here so likely to see some buyers around this level. If we get any sort of initial dip down at the open to this level then it looks a good spot for a long. Below this 7479 level then we have a key fib level at 7410, though it might take some sudden bad news to get us that low today.

The ASX200 had a pretty bullish session on Monday and I expect us to do the same.

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