Rise to 7375 today | Asia Weak | North Korea joining in

11th April 2017

Good morning. Well I think that was the flattest Monday on the FTSE 100 I have seen for a very long time, if ever. A 20 point range all day. Fortunately the S&P was a bit more lively with the short from 2366 netting a decent 10 points. I am not quite sure why the FTSE 100 was so flat – maybe a mixture of everyone adopting a wait and see attitude to the Russia/USA/Syria issue as well as a 4 day week seeing quite a few people taking this week and next as leave? That said, the flip side is that with a weak Asia session overnight, the FTSE is still at 7340! However, the ASX200 (Australia) had a fairly bullish Tuesday session. Bit less of the bull Monday yesterday, and maybe not much bear Tuesday today?

FTSE 100 Outlook and Prediction

FTSE 100 Prediction
FTSE 100 Prediction

I wonder if today will be a bit more lively? We have resistance at the 7375 level and this looks like a decent shorting area if seen. The 2 Bianca channels are here, the 10 day at 7375 and the 20 day at 7377, as well as the R2 level for today. The 2 hour chart is still bullish, with support as the 7331 level, so if this holds initially then we may well get a push higher. I am taking the bullish vibe from the ASX200 despite the other Asian markets being weaker.

Despite this bullish vibe, we still have considerable geopolitical uncertainty at the moment, with North Korea joining the fray saying they are ready for war with the USA. How to keep poking someone!

Resistance above the 7375 level is around the 7400 level, where we have the 10 day Raff and also a key fib level. I am not feeling masses of upside above this just at the moment though.

Support wise, we have 7331 as mentioned, then 7309 for S3. Below this the 7250 still looms large and a break of that will likely see a quick fall towards 7200 and probably lower.

For today however, I am watching the 7375 area for resistance and 7330 as support.

52 Comments

  2. Hello!

    Hope everyone is good.

    After a disasterous 2016, waiting for 6349 (looks like I’d still be waiting on that one!) I decided to just trade gold spot instead. That’s gone really well but then last week I thought I’d give the FTSE another go. So far, total disaster once again!

    I thought 6349 was high, what are we doing up here at almost 7400? Absolutely crazy. I wonder if “the” pullback will ever arrive?

    So, I’m short, avg 7344, stop 7407.

    1. On Gold, since 21 Dec I’ve had 250 winning trades and 9 losers. Granted, it’s only been going in one direction but the streak has made a nice change regardless!

      1. Oh Si….lol….you crack me up :0)……ive missed this, I really have….hopefully we should get a dip before 8000 ;0)…. good luck Si….I remember you saying though that you had regained your losses from that 7349 short so hopefully your gold trades may have pulled you to profit… Never give up and every failure is one step closer to success……:0)

  3. Hey just passing by and I saw your post Si……just like old times……good to see you on here,I’ve not been posting recently ive been totally emerged in my trading but I will try and get a few posts goin again…..best of luck Si…..we just need tmfp on here now to give us both a good telling off when we make mistakes :0)….. I’m actually doin really really well now Si……all the pain of the past has started to pay off……you can’t buy experience….you have to live it…..and it really hurts in this game….good luck Si…..

    1. Oh look, a perfect line straight upward as usual whilst I’m short! It IS just like old times! Get down, b*stard.

  5. Hey Si, Anstel!
    Just starting to unleash a ftse short… Was short dax as is my usual, but its not as stretched out as the ftse, so has a bit more upside potential I think.
    Oil is providing some ftse upside, but I just don’t believe it all 🙂
    Sell sell sell.. *spanked* hahah
    GL

    1. Hi inoodle :0) good to see you on here again too….we used to have a good little group going but I guess everyone’s been concentrating on their trading…..glad you are still in the game….there has been a lot fall by the wayside…….not heard anything from WSF,hope he’s doin well…..and Coombsy , Paul hambley,Senu, Hugh,Rick,?…take the blue Chippy :0) there’s loads of the old soldiers fallen…..Come on Lads and Lasses,if your there chime in and say hello :0)…..not many of us left…..good luck buddy…:0)

      1. Hi Si, glad the gold trading has been going well. S&P is another good one to trade – more “steady” than the FTSE

  11. Thats my longs stopped out for a nice gain of about 2g over last 2 weeks. No losses, I leave those to others. Many markets look capable of reversals but staying out today.

        1. Hey tell you what Si……if you didn’t get bad luck you wouldn’t get any…..this is so annoying for you….all part of the game though bit of knife catching might be good around here ….

          1. I’d have lost on gold too today, I was expecting it to turn down and only moved over to the FTSE because I was waiting. As it happens, it’s leaped up today!

          2. Everyone gets losses Si,we’ve had plenty,it’s just how you handle them……..treat money with respect….but be indifferent is one of Anton Kriels sayings. He’s a very clever switched on guy….. Good luck buddy ,great to see you back :0)

  13. You would think. Gold on a tear, although usually the dollar strenghtens in such circumstances. Right now the EUR/USD looks like a buy. Good to just play the charts and not worry about the whys.

  15. Still holding this long ….added at various places ….lowest at 41 ….break even at 85.9 if it’s got the legs ….I think it is goin back into the 90s

      1. It needs to break through the 100sma on the 5 min …..if it does it looks clear above to me……

  16. Limit triggered at 7350. Should now head up to 7440. Not holding ant long on its way up though as I am still of the opinion that this is simply a retrace or short squeeze

    1. I’m just thinking about that now Icarus.ive pulled about ten all nighters over the last 14 trading days and I’m tired out…..not sure…..I think it’s goin back to 400 but I don’t want to hold size tonight….still chewin it over?

      1. We have cable primed for a drop and the Dow at 600…. It could easy jump up this at any time….,

        1. I think the plan is to try and get out at break even or maybe a few hundred quid above….

  20. Yeah, I would be in the same dilemma.
    I think we will definitely see 7440 soon if ftse retrace holds, which it has so far. I can also see a possible drop to 7340 area before heading to 7440 as a double bottom

          1. Out at 82.8 for a loss of £828 that’s a great result….I can sleep tonight…..good luck tomorrow Icarus and all…..

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