UK Retail sales data | FTSE 100 Resistance 7300 | Support 7258

17th February 2017

FTSE 100 Support 7275 7258 7246 7245 7239 7188
FTSE 100 Resistance 7279 7298 7302 7306 7318 7342 7345 7377

Good morning. Fairly flat day on the FTSE 100 yesterday though it just snuck below the 10 day channel to hit a low of 7260 before being brought back up to 7290. And that 30 points was the range for the entire day. Could be taking stock now before we get a bit of bearishness, as once again we are testing the bottom of the 10 day channel at 7275 first thing. The 7315 resistance area is still intact for the moment, and above this we now have the 7342 level. Will the bulls push on during a Friday with data due out? Or will the bears start to appear?

FTSE 100 Outlook and Prediction

FTSE 100 Prediction
FTSE 100 Prediction

All set for another freaky Friday? The bears haven’t really had much success driving the FTSE 100 down side we hit the 7315 resistance area on Wednesday, however, there are a few resistance levels again around the 7300 level today so it is probably worth trying a short from this area. Above this then the 7345 area is likely so tight stops are required, as they might well manage to break that 7315 level. If they really go for it then 7365 still looks a decent swing short area.

For support, initially we have 7275, then 7258 below that. If the bears are really going to get back in the driving seat for a prolonged period they will need to break below 7188 where we have the 20 day Bianca channel, and 7171 for the 20 day Raff – neither level likely to be seen today.

As its Friday I am going to keep it fairly low key and just look to go short on any early rally that we might see, maybe up toward the 7300 level. The UK retail sales figures might well help push us up this morning. On the whole though I am still thinking that we will see a bit of a dip from around here, especially as the S&P has failed to push past 2350 so far, and cable is hovering around 125 still.

27 Comments

        1. I’m just thinking it’s still got a bit left…..I don’t think its broken yet but it’s weaker….

          7. 66.6 now a bit of buying interest would help my indigestion considerable :0) respect money but be indifferent to it…..

          8. Once you realise the best things in life are free and we are wealthy if we have our health it makes it so much easier…..

          9. Taking the dog for a walk while it sorts itself out……it’s just having a laugh catch you all later….

  2. Hope you were able to tap that rise till 84!! I am out with all longs ! was short in the morning .. bothh played well .. Crazy Fridy HAve no idea whats in the bucket .. Lol Good day all

  3. FTSE all about the cable €|$ everyone on Bloomberg so bearish on the pound…makes you think so the opposite….. looks like bulls have the upper hand on FTSE as the have bout off the 7260 lows…The general trend is now rolling to the downside..ie below the 200 a on 15 Mon chart….

  4. hey all
    Lots of pain for me yesterday, willing the usdjpy to go up 🙂
    Stuck in the same position on dax today, but held for the spike and made back yesterdays loss – aged 10 years in the process..
    Its terrifying out there at the moment lol… somethings gonna pop.

    1. It’s an interesting point you made there inoodle about ageing 10 years……it can take its toll on you…..when we get under pressure we may be able to control the emotions as far as taking or not taking actions are concerned.but what is not apparently obvious is the stress it puts on our physiology……We have to take steps to relax and release all the pressures and tension otherwise this activity can cause health problems……take it easy inoodle, it’s only money……and it can’t buy our health if we screw it up…..

      1. Very true mate.
        Its reminded me about my plan to have a massage every week. I had one then stopped as it seemed a bit over the top, but my stress levels definitely run high at least once a week!
        I’m finding with my trading now, I generally have the basics down enough to earn a crust – plenty of room for improvement of course – but the main issue is how I trade if tired / unwell / hungover etc. My mental discipline tends to fail under pressure when in that state, and all rules go out the window… My solution is to just not to trade on those days, which feels odd having done a normal job for so many years, but those jobs never had the possibility of losing xxx thousands on an off day.

        Does make me wonder how the old school work hard play hard trader used to manage it – stronger mental discipline than me perhaps, or just trading other peoples money! 🙂

        1. They were probably on bonus schemes if they did well and were trading other people’s money I guess while under the influence…..regarding not being 110% and trading……just don’t……tmfp said….”it’s not the trades you make…..it’s the ones you don’t that count….. Good luck matey….

          1. re tmfp’s comment – its that sort of wisdom that only makes sense once you’re a certain way down the road. Similar to risk management being the most important – it is once you’ve figured out how to make the cash come out first – then have to just not lose it! 🙂

  5. Out of longs at 7301.5……. Got things to do, think there’s more , still 36.7 points at decent size is a great way to end the week…..awesome week….good luck everyone and goodnight….

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