FTSE 100: Still Short Of 7420
FTSEDayTrader Limited | Jul 18, 2017 08:40
Well we had the bull Monday yet again so will we get the bear Tuesday? The Asian markets declined, along with the S&P/ASX 200, halting a 6 day surge that pushed the regions shares to the highest since 2008. I am still running a portion of the FTSE 100 7420 short from yesterday with the stop currently set to 7415 locking in 5 points. Have taken some profit on the dip down to 7400 as you know.
For today I am thinking that we may well also see a decline, and inflation data at 0930 may well help that. The 2 hour chart is bearish still, with resistance from the coral at the 7413 level. There is the daily pivot at 7405 for initial resistance with 7429 higher up where we have the top of the 20 day Bianca channel. I mentioned yesterday that we may well range between 7350 and 7450 for the early part of this week, so if we do get a drop it will be interesting to see if the bulls can defend again. They managed to bring it up on Friday from the 7365 area to back above 7400 but global concerns may well weigh on it today.
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