12th April 2017
Good morning. Well that was an interesting day, certainly had a bit more movement than Monday! The 7330 support area held for the long in the morning, with the bulls managing to break up to 7409 before a fear driven tumble all the way back down. The FTSE 100 had got a bit overcooked at the 7409 level, and also the NK and USA tensions simmered away. There is also the Russia/Syria/USA tension as well.
South Korea are a bit worried about what might happen, and also about nuclear missiles being tested. All this helped gold rise to a new high for the year, and is currently at 1275. The VIX, Wall Street’s so-called fear gauge, climbed to a level unseen since November as North Korea warned of a nuclear strike if provoked, while President Donald Trump said the U.S. would “solve the problem” with or without China.
FTSE 100 Outlook and Prediction
So, whats in store today. Geopolitical uncertainty continues, with US Tillerson visiting Moscow today. Will Putin agree to meet? Boris Johnson is involved on the periphery talking about sanctions but is being largely ignored which is a bit embarrassing! Anyway, enough about that and what may or may not happen and onto the charts and levels.
Resistance today is around the 7385 level where we have the 2 Bianca channels – 7383 and 7393 – as well as the 30min coral at 7384. We may see some initial resistance here and I am expecting a dip and rise day today. We only have a fairly small dividend today which is 3.7, but bear that in mind for later. That size isn’t likely to bring loads of buyers out but we may get a little rise towards the bell. Above the 7393 level we have 7410 from yesterday’s high, and then 7428 where we have the top of the Raff channels – which was what we dropped off from yesterday at 7400ish.
Support wise, initially 7338 and then 7328 look like decent levels. If that breaks then 7300 is next in line, while 7250 is the lower support and the one that will be the acid test – if that breaks at all then a trip down to 7200 or lower is pretty likely.
So, for today I am watching the 7393 level for resistance and 7328 for support.
Expecting flat market today based on movements so far. Close around 7440 possibly tomorrow
Hey all
I’m expecting more fear, but with the flip flop nature of markets, who knows. Waiting on something clearer on us open
Good drop there lets see if 7340-7420 area holds, i think it might take another shot at 7440 next week
Short at 7354. Planning to hold long term, will review at end of day
I think I will hold on to the position
Wouldnt want to be holding stocks just now. Oil looks ripe for a short, if we get a suitable candle today. Personally i dont short. Gold has broken out, nicole elliot at investors chronicle is bearish so thats usually a good indicator to go long. MACD lol. Would look for a pullback to 1250 gold and a doji or hammer to buy it. Otherwise reckon allt of these markets need to drop back a bit more to tempt buyers in.