UK GDP | Resistance 7405 and 7430 | Support 7350 | Jackson Hole

24th August 2017

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Apart from the SP long from 2442 which worked out pretty well with a decent climb towards 2450, the rest of the markets felt a bit flat. The FTSE 100 only managed to dip down to 7360 and test the 200ema on the 30min chart before climbing back to 7385 and staying there for the rest of the day. Gold hovered around the 1290 level also. Been a very quiet week this week, ahead of the Jackson Hole meeting tomorrow and with the usual August summer lull.

FTSE 100 Outlook and Prediction

For today we might well see similar to yesterday with an initial dip down and then a rise back and fairly flat day. Jackson Hole of course tomorrow so most will be awaiting output from that and waiting to hear from Yellen and Draghi.

The FTSE100 still looks relatively bullish, with support on the 2 hour chart around the 7350 area. Bulls really need to break the 7406 level to push higher, with a possible target at 7500 where we have the top of the 2 Raff channels. We do have a fib level that looks quite key at 7424 though which might cause a stutter if they push up initially.

Below the 7350 area then it may well get fairly bearish and a test of sub 7300 is still on the cards. The range for the past few weeks has been 7300 to 7550 and we are still firmly in that for the time being.

Generally I expect it to be more bullish than bearish for today and tomorrow – can’t see the central bankers talking it down too much, though it depends on what they say about the easing of QE in various key markets.

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