24th February 2017
FTSE 100 Support 7268 7265 7250 7248 7235 7232 7207
FTSE 100 Resistance 7280 7282 7283 7284 7310 7322 7346
Good morning. That was a decent hold of the 7310 resistance level yesterday, surviving 2 tests and forcing the FTSE back below 7300, and netting a few bear points too. It looked like it might break on the second attempt and the bulls would manage the 7338 level but alas not and instead we dropped to the 7270 support area – which only saw a lacklustre bounce. Good move closing that long fairly quickly I feel.
Testing it again now as I write this, and we have the bottom of the Bianca channels here at 7265 and 7268. Gold put in a steady rise all day which gave an idea that the indices were probably going to weaken, along with more and more calls in the media etc for new highs and for the bull train to keep on going. Usually a sign for caution. That said, one swallow does not make a summer, and the US markets have remained pretty positive, Dow still at 20800 and S&P at 2361. The 2 hour FTSE 100 chart has gone bearish though, with resistance at 7282.
FTSE 100 Outlook and Prediction
For today I am looking at 7280 area as resistance and 7250 as support. If the latter breaks then we should get a drop down to 7233 where we have S2 and the 10 day Raff, whilst below this we have 7207 daily support. On the upside, if the bulls break 7280 area then 7310 is the next area of interest, and it held well as resistance yesterday. Above this then 7346 looks possible, but again we would be testing the top of a Bianca channel first, the 10 day one at 7322.
The 30min chart is showing a few resistance levels at the 7280 area, as well as the 2 hour having the 100 Huill MA here as well. The 10 day Raff channel has levelled off for the first time in a while so we may well start to see some more bearishness. But it isn’t confirmed as yet. If the FTSE were to break below the recent low at 7100 then it looks decidedly more bearish.
So for today I am watching to see what the bears do at the 7280 level, and what the bulls do at 7250. Its a Friday of course so usual Friday weirdness expected! I am expecting some more bearishness now though.
Morning chaps I’m a little undecided about the Ftse so ive placed a small cable short at 1.2547…..good luck all….
I wouldn’t like to short the FTSE though from here…no way….sitting on hands for a while…
Anyone fancy a Ftse long at 53 ?
I have a long order at 7251. But have also just gone in at 53
It’s really nervy today…I’m sitting it out I think….mind you that’s when it can really bounce up strongly…..think I will watch tday,had enough excitement this week.Best of luck Nick….
Stopped out at 7240. 7207 next support. Felt bearish first thing too and wondered if we would get a trending down today
Doesn’t seem to want to bounce above 7226 yet but double bottom on 5 min ….. it could really jump up if the Americans start buying at 2.30…
Gold has gone up from 1250 to 58 since 5 am..
Conversely cable has room for a 100 pip sell off to give Ftse a push back up…..I think it’s probably going back up….
Just thinking out loud….I remember August 2015 the Dow went down 1000pts and back up 1000pts in approx 14 mins!! I wonder if the Ftse could get back to 7300….? Sounds impossible but……..it’s the market!!
Maybe not…..lol :0)
Indeed a big drop. Long on Dax from 11760 looking towards 11820 on rebound
Settled my loss on 11803. Thank you Argyle, if it wasn’t for your post I would have closed lower by now. It just gave me hope. Same old, missed stops. But still alive. At 15.00 couldn’t close as I was on motorway. arggg.
Not pleased with myself today. I guess it’s because I’m used to winning after a while. The feeling of losing gets evaporated. Well, reminded myself today again. As long as books now are fine, it doesn’t matter. It’s always another day.
Out of cable shorts at 1.2505 for 42pips profit….
AnStel every trade you make is a winner. Dont know how you do it.
Screen time Argyle,must have over 15000hrs.over 3 yrs 4 months…ive put my heart and soul into it and my money……it’s not easy but 24/5 over all that time you start to get a feel for it…..I still cock up though but I’ve tripled my account since December……..youve seen the mistakes I’ve made along the way,nearly lost everything but I think you need to experience the pain to realise how hard it is…..you will get there if you keep at it….good luck mate…
There’s the sell off on cable I mentioned earlier…..should have put my money where my mouth was and stayed in for the best part of 100 pips…..never mind, at least I got the 42 pips ….greed is the enemy but it just grates a bit grrrrrrrrrrr :0)