20th January 2017
FTSE 100 Support 7210 7200 7174 7173 7168
FTSE 100 Resistance 7221 7248 7285 7315 7352 7416
Good morning. The FTSE 100 pulled back quite sharply yesterday from the 7260 area to break through the 7240 and 7215 supports, finally finding a bottom at the lower end of all the supports at 7194. Below this we have 7174 (bottom of the 10 day Bianca) which may still be seen, however, the bulls have managed to get it back above 7200 and overnight has remained steady. Of course todays big event is Donald Trumps inauguration later. Will this lead to a continuation of the “Trump Rally” that started back at 6680? If the 7194 level (and possibly the 7174 if tested) support areas hold then we could be on for a rise back up towards 7285 and 7352 where we have the top of the 10 day Bianca, then 7416 for the 20day. Will be interesting to see if the supports for today hold and the pound strengthening continues.
FTSE 100 Outlook and Prediction
For today we might well see the bulls fight back, as long as the lower support at 7175 holds if tested. Above this we do have support on the 30min chart at 7212 which I am thinking is worth a long from, for a rise to 7248 or more. We are at the bottom of the 20 day Raff channel still, and 7174 is the 10 day Bianca as mentioned above. If this support breaks then a long at 7175 is worth a try as I think we will bounce from this area. We also have the 25ema on the daily at 7168 which is usually a good moving average for a swing trade. Of course, today is mostly going to be driven by politics and the associated inauguration event, starting at 1400 UK time. Will there be trouble or will it all go smoothly…. I imagine that the security has really been ramped up for it, both covert and overt.
So, as its Friday, fairly simple plan today, looking to try longs again off the supports. As its going to be a politically driven day, and a Friday, just reduce the risk a bit with smaller stakes if so inclined.
Trend still down below the 7220 level..Resistance 7247
Could see that 7175 today but expecting a reaction there
If the bears can break this 7195…. been tested a few times now
Hi all, looks like we’re just pottering about pretty aimlessly until the Trump speaks, so a boring end to the week likely.
Should imagine it will be a Rah Rah type thing, may be accompanied by a DOW rally later.
Witching blip worth a short for a handful, forgot about it.
I forgot about it myself…How you doing tmfp?
Hi anstel, I’m fine thanks yourself?
I sold into it lightly, caught the second blip well at 20 and took +11 on average, just left a token short for interest’s sake.
Trading is going quite well now thanks tmfp…..ive enjoyed this recent Bull Run…..I doubled my account…..under no illusions though….we are only as good as our last trade…
Glad to hear it!
Thought it might have popped a bit higher than 7220
morning all.
wanting to buy gold / sell usdjpy, but they seem to be trending in that narrow channel / hugging bollinger sort of way that makes me wary…
I’m looking at buying £/$ @ 12280 its S1 support short term trend still up…
Nice level! still not convinced $ weakening – usdjpy below 11515 might change that short term
morning folks!! looks like no drive just software trading !! Currently Long from 7200 ! 5 min just turned to positive ! Worth holding , target 25-35.. anything really .. Weekend trading makes me nervous! Gd luck all
well i managed to time a dax short to perfection – looks like it will pay for the stop on my gold long if that doesnt pan out. Seem to recall gold always pushing just beyond my pain threshold before doing what i predict usually 🙂
No technical or other concrete reason, but I feel a FTSE pump coming on between now and 14.00….
yeah makes some sense – smash it all upwards so can smash it down later if he says anything bad… gold is managing somehow to hold its base thus far.
not much rsi room to the upside for indices, dollar though… (on 5m anyway)
Well, that attempt failed…..
The out of hours (know you love it:) dow move up looked pretty fake and entirely retraced, though now its having a go again…
From a vaguely short term fundamental view, I’m happy to be long gold going into a speech by trumpy. 😉
Wonder if they try again?
Looks like a bit of buying interest still around on both FTSE and DAX and not a great deal of incentive to chase it down.
With whatever friends Trump has in the financial world, a stage managed 20k on the DOW would be his sort of coarse stunt.
Yes, would certainly make some good headlines wouldn’t it
Here we go then. 170 points to the Big Number…. will they make it or will the dump get too tempting before then?
started ?
Trying and failing by the look of it.
I wouldn’t be surprised at a FTSE closing sell off.
Whether that would be a worthwhile long to sell at a later manufactured high DOW close is a good question.
I think that 7175 is worth a long…
FTSE not joining in that US rise…..
it will..! 🙂
That worked out ok, only a few points down to 95 but a nice way to end the week.
Have a good one!
ig Ftse Binary is <08 ! 36 seems good options if it get anywhere 20-30 ..