FTSE 100: Can The Bulls Push Past 7205 Today?
FTSEDayTrader Limited | Feb 06, 2017 08:16
FTSE 100 Support 7176 7154 7149 7148 7081
FTSE 100 Resistance 7186 7195 7205 7217 7223 7248
Friday turned into quite the bullish day and with the FTSE 100 closing pretty much on the 7200 resistance level we could be on for a push up towards 7250 today. Friday also saw a push through the 7170 resistance level as well as the daily channel resistances in which it turned out to be a strong day. The NFP U.S. jobs data showed hiring increased but with weaker earnings gains, while the S&P closed within 1 point of its all time high. However, the political landscape in the US is still a little chaotic, with Trump's travel ban being overturned by a judge.
FTSE 100 Outlook and Prediction
Today I am looking at Friday's resistance and the daily pivot at 7175 to hold as support on any initial dip and then a rise towards the 7248 level. I am thinking we will get a dip back from here towards 7200 before we get a bit more a bullish push up over the next week or so. Certainly for today those are the two levels that are of immediate interest. Below 7175 then we have support at 7149 on the 2 hour.
However, we are still nudging the top of the daily bianca channels at 7186 and 7195 whilst the top of both the raff channels are at 7205 and 7215 so the bulls might not have it all their own way. As such, I wouldn't be surprised if a quick charge from the bulls out the blocks sees a bit of a dip back form the 7205 area to test that 7175 support. If the bears were to break this level today, then the bullish outlook weakens considerably and a trip back down to 7130 and the 7100 recent low area looks probable.
The past week or so has been a bit choppy on the FTSE between this 7100 and 7200 level with neither one side or the other really getting a decent handle on it. The bulls have come the closest with Friday's rise so it will be an interesting week to see if they can build on that.
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