FTSE 100 Trading Spread Betting | 7465 7495 resistance | 7420 support

26th June 2017

Last week ended with 7400 holding as support and the bulls putting in a bit of an appearance to close at the top of the range we had for Friday, at 7430. This area and 7445 in particular level looks fairly key for the bulls to start with and they will need to push above this otherwise it looks bearish still and a trip down to below Fridays low of 7396 looks possible.

The daily chart has got a bearish moving average cross over, with resistance at 7465 – and considering that we are not too far away from this after a fairly whimsical bounce on Friday we might see the bears appear here. We are heading towards the traditionally slower summer months and the run from 7100 might start to run out of steam soon.

FTSE 100 Outlook and Prediction

FTSE 100 Prediction Daily Channels
FTSE 100 Prediction Daily Channels

The levels I am looking at today are initial resistance at the 7445 level and then 7465 above that. Support wise I am looking at 7421 and then 7396 below that. If the bears are able to break this lower support then the path is open for test of the 7350 level, then 7300 and maybe even lower. At the moment it doesn’t look particularly strong, despite that rise late on Friday to the 7435 area.

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12 Comments

    1. I think sell the pop (just like the Aussies did today). But yes, been strong out the blocks today. Bull Monday as per!

  2. Morning all.. covered my trade on the open this morning as we opened above Thursday and Friday’s highs at 7440s. However, I’ve taken it off already in the 7470s and added to shorts. Stops above 7500 on both my original entry at 7545 and the lower entry. Today’s action negates the imminent break of 7400 but unless 7550 was broken to the upside it still looks like a countertrend rally. Got my eye on oil which has printed 3 green candlesticks on the daily but has remained in the down channel. The other kick off up legs have been marked by strong price action – that hasn’t happened yet so I’m inclined to think is just a bounce and lower lows ahead which would weigh on FTSE

    1. 7505 on both entries.. just contemplating whether to ditch this mornings entry as it’s just hovering around breakeven and not going anywhere

        1. Took 3 points.. not sure it’s going up but want to preserve more profit if it does. Don’t like the slow action. If we do break back through 7480-500 then there’s not a lot stopping it getting back to 7540s… or could alternatively make another lower high as you say

  5. A weak close at the auction, cash closed @ 7446
    Pro’s seem to be selling for a 7400 break ?

    1. Nasdaq broke again.. Dow oversold bounce but interested to see how the US closes. Most FTSE breaks come on the open when we get relatively close to support overnight or into the close when the US is online. Last week every time we got down to 7400 the conditions weren’t quite right for a break lower so would like to see it edge down to 7430 and lower pre 8am to have a shot at doing it first thing.. otherwise more sideways 7400s action but certainly expect the eventual move to be lower

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