17th February 2017
FTSE 100 Support 7275 7258 7246 7245 7239 7188
FTSE 100 Resistance 7279 7298 7302 7306 7318 7342 7345 7377
Good morning. Fairly flat day on the FTSE 100 yesterday though it just snuck below the 10 day channel to hit a low of 7260 before being brought back up to 7290. And that 30 points was the range for the entire day. Could be taking stock now before we get a bit of bearishness, as once again we are testing the bottom of the 10 day channel at 7275 first thing. The 7315 resistance area is still intact for the moment, and above this we now have the 7342 level. Will the bulls push on during a Friday with data due out? Or will the bears start to appear?
FTSE 100 Outlook and Prediction
All set for another freaky Friday? The bears haven’t really had much success driving the FTSE 100 down side we hit the 7315 resistance area on Wednesday, however, there are a few resistance levels again around the 7300 level today so it is probably worth trying a short from this area. Above this then the 7345 area is likely so tight stops are required, as they might well manage to break that 7315 level. If they really go for it then 7365 still looks a decent swing short area.
For support, initially we have 7275, then 7258 below that. If the bears are really going to get back in the driving seat for a prolonged period they will need to break below 7188 where we have the 20 day Bianca channel, and 7171 for the 20 day Raff – neither level likely to be seen today.
As its Friday I am going to keep it fairly low key and just look to go short on any early rally that we might see, maybe up toward the 7300 level. The UK retail sales figures might well help push us up this morning. On the whole though I am still thinking that we will see a bit of a dip from around here, especially as the S&P has failed to push past 2350 so far, and cable is hovering around 125 still.