27th February 2018
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Well we got the climb across the board as expected yesterday though the FTSE 100 only dipped down to 7260 before climbing for the rest of the day. The S&P managed to push to 2785 by the end of the session, while the Dax tried to break 12600 but has failed so far. Gold unfortunately dipped a bit and didn’t really recover, breaking through the 1335 support, and looking more bearish if 1328 breaks.
Asian markets are mostly higher, building on Monday’s bullishness, and the FTSE has tested the 7340 resistance level out of hours. If it can regain this area and break above then a rise towards the next key area at 7406 looks possible, however the daily chart shows resistance at the 7341/7365 area still. Support for the moment rests at 7250.
FTSE 100 Forecast and Prediction
We are now at a few key resistance areas on various chart time frames and it will be interesting to see if the bulls can push much past them. Initially we have the 7341 level which is the one we have dropped off overnight, then 7351, but more major resistance at 7365 where we have R1 and also a key fib level. With the recent rise this sort of area might see some profit taking, as we have the first public comments from Federal Reserve Chairman Jerome Powell later today. We are also getting near to the top of the 10 day Raff at 7373 and a simple standard deviation channel over the past 10 days at 7363.
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