7533 And 7565 Resistance On FTSE 100 Today
FTSEDayTrader Limited | Nov 08, 2017 11:27
FTSE
The bulls failed to break the 7600 level yesterday and instead we saw a sharp sell off during the day from 7590, with Monday's resistance around there capping the bulls. The support at 7480 that I mentioned on Monday should 7525 break, was pretty much tested overnight, with the futures bouncing at 7482. Should the 7480 level break (the 10 day Raff is 7476 now) then 7465 is a key fib level for today. Resistance is at 7564.
The anti-corruption crack down in Saudi Arabia has continued and should see, over the long term, a stronger business relationship between the West and Saudi. There isn't any major news due out today, though there is a large dividend of 9.5 so we "should" see a rise towards the close today. If buying for the dividend, remember to have closed by the bell so you can bank from any rise.
For today I am thinking that the dips, if they happen, will get bought and I am watching the 7483 and 7465 levels as the key supports. Longs around these levels are good long entries to target 7565. Obviously we have bounced a bit already from 7482 overnight, and the futures are back above 7500. I am looking for a rise towards the 2 hour resistance at 7560ish today. We have a moving average line here, and also the 2 hour coral is just turning negative as I write this, indicating a downward trend kicking in.
However, thats not to say that we are on the cusp of any major sell off and I think we are just seeing a pullback in the longer term rising trend. I would only start to change that view if the 7415 area was broken, where we have the bottom of the 20d Raff channel.
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