Just going to keep this fairly brief today but the 7535 resistance level that we have had in place for this week was finally reached yesterday and we got a bit of a bearish action from it, with a drop down to just below 7500. The bulls have fought back a bit overnight and we are at 7515 for the open today. Oil sank from a five-week high after OPEC extended plans to limit production without deepening the cuts.
FTSE 100 Outlook and Prediction
Once again the 7535 looks key and if we get there today could set up a decent double top with yesterday, and a test of R1 at 7540. However, if the bulls manage to push above this then 7567/7570 are the next areas of resistance of note. We have the top of the 10 day Bianca at 7567 and a key fib level at 7570. A short around here would be worth a go.
On the support side, the bulls have defended the 7500 level that was tested yesterday with the drop from 7535. We have S1 at 7497 today, with a key fib level lower down at 7471, just below S2 which is 7475.
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