FTSE: 7350 Resistance 7270 Support
FTSEDayTrader Limited | Jul 07, 2017 08:49
It's NFP news today so its always a tricky day to call. The consensus is that employers added 175000 workers during June, and wage growth is expected to have strengthened, which will show a solid labour market. Of course the news might be totally different to that so stay nimble!
FTSE: I am looking at resistance at 7347 to start with today and support at the 7260 to 7270 area, assuming the bears break below yesterday's low of 7303. There is also support at 7255 to bear in mind.
The ASX 200 had a dip and rise day, similar to ours yesterday, however, their futures prices hadn't followed us - so I don't think we will follow that move today as closely as we usually do. I am thinking that we will get an initial rise as the bulls come charging out the blocks, building on this small bounce form the lows yesterday, but it will be interesting to see if they are able to break through the 7350 level. There is still a chance that we get 7405, though with their repeated failure to break 7380 this week it might just be reliant on the NFP news to do that, if at all. Worth shorting if we do see it, though there is daily resistance at 7387.
I am going to try the short at the 7350 area but NFP Friday means smaller stakes and a bit less risk.
The bottom of the Bianca channels are both around the 7270 area so this area might well see some buying if we get that low.
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