Dip to 7485 then rise | trading signals analysis help

NFP Friday 174k forecasted | 7286 7313 7340 resistance | 7230 support | live trading discussion room

23rd October 2017
Fairly quiet on the news front over the weekend. We have PM May briefing parliament today on the Brexit negotiations (this and cable are suppressing the FTSE bulls for the moment). Abe selection in Japan paves the way for more bullishness there with looser monetary policy. The US is also being driven by a higher likelihood of Trumps tax reforms going through, with the Dow well on the way to 24k currently!


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

The FTSE 100 has failed to break above the 7555 resistance area for the whole of last week, despite the US rising strongly. That level still looks pretty key resistance for today, however there is much closer resistance at the 7533 area this morning. Despite the “bull Monday” mindset that has been prevalent for most of the second half of this year the 30 minute chart looks quite weak to start off with today. As such I am thinking that any initial bounce at the open will be sold into and we get a drop down towards the 7485 area. We have S2 and a key fib level here so the bulls will be keen to defend this.

If the bears break below the 7470 level then a drop down towards the 7430 level looks viable, but 7470 is the 25ema on the daily chart and looks ripe for a bounce. The daily RSI has also dropped back a bit down to 59 currently.

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16 Comments

  1. Hey folks finally found my way to the new forum!
    Have cut down on the dow position a wee bit and running hedged ftse shorts

    1. Hi icarus. You can comment here under each daily post as per usual at the moment, or use the forum. The forum has more functionality and is much easier!

  2. Hi all…Nick is that you who replied to Icarus above?….if so how do we access the forum….it’s not very clear to me how the new format works….Thx.

  3. Got it Thx Nick……..Jack, when you get the Hilsden trading site page up……on the right of Hilsden trading on the right side of the page there are the three lines click on the three lines and scroll down to forum….

    1. Thats it, websites these days on mobiles/ipads etc just show those 3 bars for the menu. If on a browser then you have the full list

      1. Hi Nick, all the posts today are just blank white boxes. I cant see the text and I cant see a cursor to type my own text

        1. Oh thats odd. Sorry about that. Might be a browser issue or a caching issue? Browser caches can cause problems so worth clearing that out.

        2. Yes, I also had white boxes in my posts I was on Chrome. But then decided to see on Mozilla and could see on Mozilla. But I always use Chrome…

  4. There is now a link under “Forum” on the menu bar that will take you straight to the thread to discuss todays market

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