11th May 2017
Wasn’t much of a dip on the FTSE 100 yesterday before the rise started, only getting down to the pivot at 7330 and then managing to reach 7399 just before the bell as divi hunters, a rising oil price and general bullish optimism pushed it higher. 7399 of course means that those with bets on the round number via One Touch contracts and probably short orders at that level just missed out! The bears have certainly taken a back seat this week, though as always happens they will reappear soon. Just need a newspaper headline saying “is now the time to buy shares” for the best bear signal of them all. Gold has stabilised at after six days of falls, and if fact has risen a bit overnight. Today we have the BoE releasing interest rate decision and quarterly inflation report at midday.
FTSE 100 Outlook and Prediction
For today I am thinking that we will have an initial rise, then a dip down on some profit taking. We also have the BoE releasing their data at midday, with the quarterly inflation report and interest rate decision. I expect interest rates will remain at 0.25% and asset purchase at 435bn…
Resistance wise, we have a fib level and yesterdays high at 7400 to start with, then 7419 above that. This latter level looks like it might be worth a go short though as with yesterdays short, if it doesn’t react quickly best bet is to cut and run as it might well carry on rising.
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