FTSE 100 7400 7420 resistance | UK growth 1.9pc this year

12th May 2017

The FTSE 100 managed to just tag 7400 out of hours last night but got dragged back a bit overnight by a weaker Asia and ASX200 (Australia). They dropped on worries over US consumer spending, which also dragged the US markets down during the day. Didn’t seem to have much effect on the FTSE 100 during the in hours session though – frustratingly for the bears it just doesn’t want to drop! That said, with hat overnight weakness the 2 hour chart has gone bearish and there is resistance at the 7399 level. I still also have the 7412 level. Could be an interesting day!

FTSE 100 Outlook and Prediction

Daily FTSE 100 Trend Channels
Daily FTSE 100 Trend Channels

As mentioned above the FTSE 1000 2 hour chart has gone bearish overnight, and is showing resistance at 7399. However there is a very stubborn resistance from the FTSE to show any sort of weakness at the moment, with most resistance levels getting broken fairly easily after a tiny reaction to the downside. Unfortunately its not even weak enough to enter off key support levels either! Its definitely being a bit strange!

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  1. Everyone’s already short so it’s not going to just drop.
    Closed my S&P longs yesterday, highest sell 95 +72 points for the week.
    Long 1 @87

      1. 6349! It’s the level I shorted at last year, about this time. Watched my position get redder and redder as the weeks rolled on… lost a mountain! 6349 and I have a date with destiny!

          1. If I were you Icarus I would hedge long on pullbacks and make some money back that way but you have to keep your eyes on the ball in case it tanks…

            1. Hey anstel, I really don’t enjoy the smaller movements as I like to trade in the higher timeframes. Daily, weekly and hourly so it takes time for the trades to materialise but the probability is much higher and the price has room to move about. The gyrations of the pl are crazy but I am used to that now.

  2. Anstel, I would recommend building up a short position. This is just the end of the correction.

          1. It’s not like the price at the supermarket where it’s on offer or it’s overpriced…..it’s just whichever way sentiment and other driving forces are steering the price action…..when we get hung up on it’s really toppy or no one will buy at this price …that’s when the market bites us….what’s that saying……”the market can be irrational longer than we can be solvent “…….I can feel a dog walk coming on soon though……….well you have to get your priorities right you know :0) catch you later…..

  3. Think you meant 7407. Sell is the answer. In a couple of weeks, Don’t say I didn’t tell 🙂

    1. No I meant 6407…… If the Ftse was 6407 now instead of 7407 or thereabouts…..would you still be short….I don’t look at the price although I’m very aware it is at the top end of what we are used too…..no just look at the market action……3.5 years ago the Dow was at 15-16 thousand…..if you had been asked then was 21000 goin to happen we would have said your joking no way!

      1. It’s Friday…. No ones goin to be long on a Friday !!!! What a great time to go up lol :0)

    1. Don’t worry it’s fine…I’m just trying to share my experience with you….sometimes thinking rationally doesn’t work in trading…..I used to look at the fundamentals a lot…I’m not brilliant with charts just a basic top down approach and understanding……like Larry Williams says….the market is like a steam ship…..the charts are like a map of the smoke from the funnels…..the charts show you where the ship has come from but to find out where it’s goin you need to get to know the captain :0)….

  4. Hi chaps out of my Ftse long at 7421.8 it was from 7402.9 in the end…. Nice profit for end of the week….just got my Dow long to exit from next……good luck all….

    1. Out of Dow at 20915.7 for a our 40pts approx :0) that’s me done for the week :0) good luck all …..

        1. Good one anstel. Never expected this to rise so high up. Have to go back to the drawing board. Keeping shorts open for the moment.

  5. Wow, this FTSE will never drop! I think you’re right Anstel, 7500 – then 8000, then 50000, then 10000000 🙂

    1. Part of me wants to go long, just to prove that I am living in a parallel universe and my instance of the FTSE will then crash.

  6. It’s a form of sell harm really this trading game.

    I’m in multiple shorts onFTSE and 2 on Dax

    May get a Friday night dump but looking unlikely!

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