Nice hold of the 7430 | Rise to 7500 | trading signals analysis help

Bulls fight back as Middle East worries shaken off | 7570 7503 support | 7666 7686 resistance

26th October 2017

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Well that was even more bearish than I thought it would be, breaking below the 7475 area and actually bottoming around the 7430 level I had mentioned almost flippantly as support. The bulls decided to appear there, tallying up with the 2545 level on the S&P to bring us up a bit in the evening. The Dax knife catch at 12935 netted a few points as did the shorts, ironically the early longs on the FTSE are the ones that failed, despite all the bullishness we have had over the past few weeks. The bears certainly grabbed their chance yesterday. Mixed earnings results gave the bears the ammo they needed, and we have the ECB today, with likely cuts to stimulus on the agenda.

FTSE Outlook and Prediction

FTSE 100 Prediction Support Resistance Trading Signals
FTSE 100 Prediction Support Resistance Trading Signals

I am expecting the 7430 to mark a short term low and a climb from there towards 7500 which may already be underway, to play out. If we get a dip down this morning then buying that dip is a good plan. There is yesterday’s low at 7426, and a cluster of other supports around the 7415 level so we may well see this hold. Should the bears come charging and break that then 7350 looks viable.

We have the ECB as the market mover today, at 12:45 with rate and QE decisions followed by the press conference at 13:30. The forecast is for no changes but if there are then the market will react.


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