FTSE 100 Resistance 7210 7245 | Support 7177 7145

9th February 2017

FTSE 100 Support 7183 7177 7158 7119
FTSE 100 Resistance 7209 7199 7211 7216 7228 7241 7248 7255

Good morning. The bulls failed to break 7195 yesterday with it actually being stronger resistance than expected, and we saw an eventual drop down to S1 at 7146 before the bulls got a turbo boost and brought it all the way back up to 7190 where we have stayed overnight. Was an interesting rise as it didn’t even pause for breath at 7175 which is where you would expect it to as we had resistance from the drop at that level on a few timeframes. Bit odd and no doubt helped by the GBPUSD rate again. That has fallen overnight to just above 125. Of course we also had another parliament vote last night, the result of which give PM May the all clear to invoke Article 50. Not really surprising that result.

FTSE 100 Outlook and Prediction

FTSE 100 Prediction
FTSE 100 Prediction

The bears finally managed to break 7160 support yesterday which in theory opens the way for a drop back to 7100. However it seems the bulls had other ideas as it was quickly brought back up, keeping the viability of a rise to 7248 in play still. Tricky trading thats for sure! For today I am looking at 7177 to hold as support and the bulls to build on their rise yesterday to retest the 7225 resistance seen earlier this week. If they can break above that then we are likely to see the 7250 area where we have the top of the 10 day Raff again.

The Bianca channel resistance levels are at 7211 and 7241 so we may well see some reaction at these prices as well. Both 20 day channels are around the 7210 area as we also have the 20 day Raff at 7215 – will be interesting to see if the bulls can break above this today.

Support wise, yesterdays low at 7145 is the next area if the pivot at 7177 breaks, with 7100 below that. A break of 7100 will get the bears quite excited though if yesterday evening’s strength continues today then I don’t think we will be seeing that level today.

Gold has continued its impressive rise, nearly back at the 1250 level now and firmly holding above 1200. Still think we will see 1500 this year on that.

71 Comments

          1. Nice one Jack see just hold em abit longer…..and don’t get overconfident now and give it all back…..maybe walk away for a bit…..when you win like that you become euphoric and your thinking and mindfulness goes out of the window….well done Jack…..

      2. 100% increase on the account since January. Have a rest for the rest of the day. Fuf. How are you doing anstel?

        1. I’m going great thanks jack pulled about £88 out of DAX this morning but my Ftse trade is my baby…..my Cable shorts are starting to behave as well :0)….

  8. anstel, replying for 11.38 above:
    I know what you are saying about the euphoric bit. That’s why I’m not trading any more today and will do my paper work on this trade, analyzing, comparing to strategy. It was by the book trade, happy of course but feel quite realistic about it. Thank you. And GL of course 🙂

    1. Best of luck Jack…..you know the emotions we have to guard against…..great day…come back next week and knock it out of the park again….but try and keep your sizing down…..when you get size on it can destroy 6 months of work in a couple of days…ask me how I know :0) I’m pushing now to be honest..

  13. Hi all
    Its been craaaazy out there today. Up n down like a whores draw(er?)s as they say 🙂
    Dax at least.
    Threw away a load yesterday going short against priced in data. Silly error, stick to what I know.
    Having a great time on the dax – more luck than judgement, but I ended up in the right ‘cycle’ with the market so managed to sell it, buy it, sell it.
    Just read the eurphoric comment from Jack earlier – very timely advice for me at this moment – euphoric that I’ve almost made back yesterdays error 🙂
    So I will finally get out of my dressing gown and eat some food!
    Will Dow get over 20100 again? I’m flipping a coin and saying big push up on dollar and dow (on the basis of not much) . I have no money on that though – play it as it comes.
    Back later.

    GL.

  14. We seem to be struggling on the 5min Ftse with a double top around the 6213 level……I wonder if we can get past that today?

  15. Hey Anstel! 🙂
    Yeah its nice when there are a few on here!

    dollar seems to be weakening – dax is ignoring it though – showing strength ahead of us open… this either means it needs to drop and is just lagging – or its going to power up! 🙂 Not very helpful 🙂

    1. Hey inoodle good to chat again,yeah I think if by any strange chance cable could sell off from this middle 60 area it could give the Ftse the boost it needs to break this 13 – 15 area….as kunderam486 says above it could then fall back to the 7170s but it’s been doing that a lot….maybe time for a push North…..

  16. usdjpy is actually trending up – just in a wide channel…
    there goes dax catching up downwards

    1. hahahaha damn, its such an odd feeling being in sync with the market… finally my mind is twisted enough :0

  20. Out of my massive Ftse long at 7239.3…….holy moly…..that was pressure….good night all…..

      1. Thanks Jack…a good day all round…looking forward to a good nights sleep all tucked up in bed…..oh the simple things :0)

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