26th February 2018
Want to discuss things with other traders – please visit the free forum here for todays discussion
Has turned out that the 7225 level has been pretty good support and was good to get a few points off that on Friday. Was a bit of a slow rise initially though. Interestingly it dropped back later in the day to retest that level before rising strongly – usually a sign that the rise will keep going. If it does then a rise to 7340 looks viable, and just above that 7328 resistance level from last week. The US was pretty solid on Friday and that carried through into Monday’s Asian session. The new Fed chairman, Jerome Powell will speak before the House Financial Services Committee on Tuesday and the Senate Banking Committee two days later to give his Humphrey-Hawkins testimony. Clues for rate rises will one again be looked for by US markets, with gradual rate rises still the preferred option.
FTSE 100 Forecast and Prediction
We closed last week at 7244 and things still look bullish going into this week. As such I am thinking that we may well see a bit of a dip down initially to retest that level (and associated gap close) and we also have decent support here with the 200ema on the 30min at 7244. If we do get a dip down to this area then a bounce up towards the fib level at 7311 looks viable. If the bulls can push past this area then last weeks resistance level of 7328 is still in play, with daily resistance just above this at 7340/7345.
Membership
If you would like more detailed analysis for FTSE 100, DAX, Gold and S&P, including the trades that I am looking to take myself, then please join my 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
- Telegram Chat room and webinar group membership for discussion and realtime trade updates