Carney speaking today 7300 support 7380 resistance | Trading help

28th September 2017

The bulls managed to defend the 7280 area again yesterday and we actually had a bit of an upbeat day with a close above the 7300 level. We have Mark Carney speaking today, at 09:15, so we might see some chop then on the FTSE 100. The SP rose strongly having held the 2495 support level, after the initial dip, and still needs to break 2515 to push higher. Generally the picture looks bullish across the board for the indices I watch. Cable continued to fall from that 136 level, now below 134, and also gold broke below 1300.


FTSE 100 Outlook and Prediction

FTSE 100 daily channels support and resistance
FTSE 100 daily channels support and resistance

Looks like not only will the US have a war with North Korea, but they will have a trade war with the UK as well, after the US slapped punitive tariffs on British-Built aircraft (by Bombardier)! So much for the UK being front of the queue for trade with the US with Brexit taking place.

Anyway, for today, it actually looks fairly upbeat if the 7298 support area holds. There is initial support on the 2 hour chart at 7312 so if we get an initial move down we might see a bounce from here. There is still resistance at the 7335 level that the bulls will need to overcome – maybe Carney will talk it up through that level this morning? Above that then I am watching the 7379/7385 level where we have the top of the 20 day Raff channel and what appears to be a key level for the bulls to break. If they do then we might see another 100 points added by early next week.

On the bearish side of the coin, if the 7311 and 7298 areas break then a trip down to 7260 looks possible, though a bounce here would make sense if the buy the dip crowd appear. Below this then 7210 is still a support area of note.

It will be interesting to hear what Carney is going to say in his speech but for today I am thinking more of a buy the dip plan.

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21 Comments

  4. Tempted to load a heavy Dax short with tight stop.

    Euro is rising and all the hype of election is yesterday’s news. Wanted it a little higher though, may wait until US open

    2. Dax closed on a bull flag breakout yesterday and not much technical resistance overhead plus new month money coming in next week might make shorts painful just now. Might be worth waiting a few days.

  5. A rising oil price and weaker pound has not helped FTSEs cause.
    7280 must hold as at close to maintain short-term bullish momentum.
    Im on the sidelines here in cash awaiting better opportunities. Might even stick a small short on if FTSE closes under 7280.
    Will also considee buying gold again next week.
    Will be interesting to see if new month money can produce a bounce starting to think it wont.

      1. Yes but you could also say attempt for a sell off is running out of steam. So a typical messy side ways market

        1. On the 5 min chart maybe. But the daily and hourly are showing lost momentum at 7320 area, so given we’re only 20 points under there then it makes sense to look for shorts unless that breaks up

          1. Yeah agree it could be shorted with stop above 7325, would be concerned about october money though as might get taken out. Im waiting for next week .

            1. Could be a similar close to Tuesday today. This year the pattern has been for drops into month end. Maybe we rally Monday morning but not sure where we close the week

    3. It’s like 2 days in a row I am getting on a move and it’s not going. It getting me angry and it is not the good sign. Now I think, Oh I should have held.

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