4th April 2017
Good morning. Well that was an interesting start to the month as it was very weak. The general rhetoric throughout the day was pretty negative with the US and North Korean tensions rising, UK, Gibraltar and the EU having a war of words, and news that US manufacturing growth slowed to a six-month low in March.
That all saw the FTSE steadily drop and test the 7260 level which had been previous strong support and the bottom of the 10 day Bianca, where upon it was bought back up with some vigour.
Overnight we have remained at the 7300 level. It was the first time in a while that we havent seen the bull Monday play out, and given that it was the start of a new month and quarter, makes it look bearish for a run down towards 7200 or lower. Resistance area for a short entry today is 7335. Maybe we still get bear Tuesday though!
FTSE 100 Outlook and Prediction
7260 is still decent support as it has been tested a few times now and held. We also have the bottom of both the Bianca channels here for today. However, the 2 hour chart is still bearish (shame we didn’t rise initially to test the 7350 level yesterday though!) with resistance at 7335.
We also have a couple of daily moving averages around this level so it looks like its a decent spot for a short entry today.
I am thinking that if we do get a little rise to get short on then a dip down to 7260 and possibly a bit lower, around 7240, looks likely. if that fib level at 7249 areas holds then we might see another attempt by the bulls to keep the rises in tact. If the 7240 level breaks then a trip down to 7185 is looking more and more likely.
Generally I am feeling that if we do pop lower then its going to bring the buyers out and the market will shake off the doom and gloom.
Agree the support is solid, probably because there is no return elsewhere. Not worried about holding longs so far, and looking to buy a close over 7350.
Short 320. 40 point stop tgt 7145
Confidence medium to low
I doubt about 7145 though today. Looks unrealistic. It means breaking daily uptrend line, GL with that.
Certainly not expecting it today. My trades usually run for 3 days on an average
I was hoping for a rise to 7330 then a dip down. You got a good entry there though icarus.
Daily uptrend has been broken q few days back. All we need now is a retest of the all time high
Ha, they put a new one on my chart on my platform.
Didn’t get a neat rejection of 320.
Looking much better.
Cheers Nick. Hope tgt is achieved as well 🙂
Movements so far not filling me with confidence. Hope Dow is more favorable
Afternoon chaps just thought I’d comment,I wouldn’t get sucked into the downside personally……its goin up and pretty aggressively I reckon…..be careful shorting this…
Agree with you. How are you? Haven’t seen you here recently.
Evening Jack ,Nick,and all, I’ve been concentrating 24/5 on my trading with longer swing trades and some scalping around my positions…..its hard work and tiring ,I just got out of the habit of posting I had a look in tday and didn’t want Icarus to get stuck with a short….hope you exited Icarus….Anyway Jack,hope your doin well and regaining some confidence and rebuilding your account,Nick all the best buddy,and good luck all….
It looks like the opposite this week: Bear Monday, Bull Tuesday.