11th December 2017
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The big story over the weekend was the Bitcoin futures trading going live, and after being down at 13,000, prices have risen back above $16,000 per coin. Certainly going to be a volatile one to trade! On the news front, Friday’s NFP was above forecasts and indications are that next year are going to see further monetary policy tightening – and more of a return to “normal” in terms of interest rates etc rather than the artificially lo rates we have currently. We may even see a rate rise this week in the US.
FTSE Outlook and Prediction
The bulls have managed to hold the FTSE 100 above the 7400 level having broken above this on Friday. The 7412 featured as a bit of resistance on the first test on Friday but we have since managed to rise to the fib resistance level at 7426 overnight off the back of a weak bullish Asia session. For today I am expecting the 30 minute support area around the 7390 to 7400 area to hold for a rise towards the daily resistance at 7477 and also 7482 where we have the R2 level.
There are a couple of stumbling blocks in the way first, which is why I am thinking an initial drop, namely the two Raff channels, with resistance at 7430 and 7440, 10 and 20 day respectively.
There is also decent looking support much lower on the 2 hour chart at the 7353 level.
If the bears break below this level however, then a trip down to the recent low around the 7285 area looks possible, and changes the picture to quite a bearish one – 7100 still in the picture as the bottom of the 2017 range.
For today though I am thinking that the 7390 support level should hold – we might even get a decent bull Monday going on, if we get that rise towards 7480. We also have the daily coral showing resistance at 7463 so a pop above this then back down makes sense as well.
So, looking to buy any early weakness this morning.
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