FTSE: Bulls Need To Defend 7380 And 7405
FTSEDayTrader Limited | Jul 13, 2017 08:54
FTSE
For today I expect that the bulls will continue yesterday's rise initially as now that 7385 has broken, and they managed to close above 7405, it opens up the realistic possibility for the next level of note which is 7470. There is the 20 day Raff at 7444 to start with though, so may see a stutter here depending on how much momentum they can muster. While the 10 day Raff is now at 7522. With 7405 breaking we can safely presume that 7305 on Tuesday is the short term low and the bulls are now back in the game. The 2 hour chart is bullish again, with support also showing at 7385. Previous resistance there also becomes support.
If it all goes pear shaped for the bulls and we go back below 7385 then the next leg down is likely to breach 7300 and we will see that 7260 area that is still support. For today however, I expect the pivot at 7406 to hold, and 7385 if it doesn't.
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