Low Volume But Positive Asia Should See 7385 And Possibly 7404 For FTSE
FTSEDayTrader Limited | Aug 22, 2017 09:18
FTSE
Asia and the ASX 200 managed to climb today, despite the spectre of bear Tuesday, and I have a feeling that we will follow suit today. The 2 hour chart has gone bullish after the 7300 level held yesterday, and is showing support at 7327. However, there is the small matter of initial resistance at 7345 to get past first of all. We also have the 200ema on the 30min chart here so may well see a quick dip back from this area initially. That would also gap fill with yesterday's closing level at 7320 and may well then see a rise starting from that area.
As mentioned above, volume is extremely light as it usually the case in August, but the 7300 level holding is a good sign for the moment. We should therefore see a rise to the top of the 10 day Raff at 7404, and if the bulls can break that then we are likely to stay in the 250 point range we have seen for a while between 7300 and 7550, and test the top of it.
Of course, a lot of this low volume is due to everyone keeping their powder dry while we await the outcome from the Jackson Hole meeting.
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