Can the bulls make another all time high? | trading help signals analysis

Consolidation with a rise towards 7610 today | 7645 resistance too | Analysis signals alerts strategies

16th October 2017
Decent gain on Friday with a nice catch of the FTSE 100 low at 7524 for a run up towards the close, which looks like it will carry on today for a bit of Bull Monday again. Unfortunately we didn’t quite manage the 7600 level on Friday, but might well see it early this week. That will of course make a few headline being a new high and double topping with June 2017. It feels like it might go higher though!


FTSE 100 Outlook and Prediction

FTSE 100 Prediction Support Resistance Trading Signals
FTSE 100 Prediction Support Resistance Trading Signals

Fairly simple plan today really as looking at 7540 to 7550 as initial support and a buy the dip to this area looks like it should then see a rise towards the cluster of resistance levels at 7590 to 7600. Above the 7600 level we start breaking into new highs for the FTSE 100 and the top of the Raff channels at 7650 and 7681 come into play, along with the headlines everywhere about the new records!

Support wise, below 7540 then 7500 is a fairly key area with 7475 below that. If that were to break then the bears are in with a shout of having their moment in the sun and a pull back might materialise, with a drop down towards the 25ema on the daily at 7440. This might be decent support though in this rising trend.

The ASX had a fairly flat session with a slight rise, and with gold rising back above 1300 and the Dax regain pretty much all of its lost ground recently, there might be some profit taking creeping in. Am also watching cable (GBPUSD rate) as that looks like it could be on for a push back above 133, which will push the FTSE100 down a bit.

So, for today I am cautiously optimistic but as they say, don’t fall in love with the upside thinking it is a one way bet at the moment, as the fairly key resistance level of 7600 looms closer.

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28 Comments

  1. Long gold in pounds as expecting a bit of a dollar bounce for a few days and possible GBP weakness. Gold itself has a gap to fill to 1312 in dollars, so hoping it can rise with stocks, or act as an alternative if they fall.
    Dont know what May is doing running to Brussels but there is only one possible outcome from that foolishness.

  2. Bears in control on FTSE whilst below 7550-60 area. I think we see 7500 before 7600, and probably closer to 7400 before it has the strength to take out the all time high

    1. Took long 13011 but apparently too early. Nearly got away with it b/e, what a crap entry. Decided not to proceed at this time.

  3. Friday played out the range as expected. The sharp sell off on the open today would suggest we’re still turning over from the highs. Would expects the support area of 7520’s to be tested soon with potentially a small bounce.

    1. Another stupid Sterling move. Don’t mind when it moves around the data as can be aware of the timing but hate it when it reacts to some fool yapping. Got stopped at breakeven on the half of my short still open. Resold at 7551

  4. if no stupid rally is seen then 513 could be tested today .. will watching it quiet closely it could simply fall without a clue..!!

  5. At some point you’d think this range will break.. taken half for 15 points. Got to keep banking in this terrible environment

      1. Would prefer to see a global move rather than just a sterling one. Got my eye on whether the Dow can form a shooting star today

    1. Short from 38 looking for low 20’s on the trade. Does 20 go I’m not sure. Got to trade the range with a downside bias of 20 going.

  6. FTSE looking good Icarus.. shouldn’t get back above 7550 now without a decent pullback. They’ve sold the closing auction the last two days

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