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FTSE 100 7245 7290 Resistance | 7192 7172 7140 Support

Published 15/10/2019, 11:36
Updated 09/07/2023, 11:32

The bulls attempted to defend the 7200 level yesterday but it didn't really pull away from it with much conviction. The S&P bounced just above the 2952 support level and has regained more ground, but a leg down towards the 2hour coral at 2950 still looks possible. As such that would probably take the FTSE down with it and we may well see a drop down tot he 7140 support level. Of course, Brexit talk and cable will continue to give a steer to it so keep watching both of those.

We have initial resistance at the 7225 level with the daily pivot and the 30min coral here, and if the bears appear here then a leg down to 7192 and S1 looks like it will happen first thing.

If the bulls were to break above the pivot then 7245 area is next resistance and we still have the 25mea and the coral on the daily around here. Above this then 7281 is the daily 200ema and as yet untested since we crossed below it so a rise to this area could well pan out, especially if cable drops off. However, I think we would then see a stutter at this area and probably a drop off so look for shorts here too.

For the moment 7200 remains as support, and there are a couple of other supports just below at the 7190 area. As such the bulls will probably try and defend this area. A break though and then as mentioned I can see us dropping down to 7140. The bulls will be keen to keep the markets supported though ahead of Brexit, if for no other reason than to not scare the population with doom and gloom stock market headlines in the run up to the 31st October exit date. The news flow has definitely got less negative than it was a week or so ago, when we dropped down to 7007 - I think they overdid it a bit and misjudged how jittery everything was so have toned it down.

Watching the S&P today for a drop down towards the 2940/50 area and a test of the 2hr coral line. For the FTSE, watching 7190/7200 support again and then 7250 and 7290 as resistance.

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