FTSE: Trump Jr, Resistance At 7385 And 7405
FTSEDayTrader Limited | Jul 12, 2017 08:59
The market shook off that email revelation pretty easily proving that they don't want the markets too dip too far. The bears capitalised on the release of the emails initially but the bulls fought back pretty rapidly as the "buy the dip" mob appeared again.
We still have a lot of daily resistance around the 7380 to 7405 level and it will only be if the bulls can break that 7405 that it might get to 7470. At the moment, every rise to this area is being sold into. Volume is pretty light though. We have the top of the 2 Bianca channels around the 7385 area and also a fib level and R1 at 7398.
Overnight news on oil has helped push that up which will help the FTSE, at least initially, though the Australian market had quite a bearish day today. The 2 hour chart has resistance at 7355 but it looks like it will push above that - it managed to do so on the first test yesterday evening.
I still think we are going to get a test of the 7260 level and thought that the email news yesterday might have broken the 7300 level but as it didn't, it may just hold the 7300 level instead. Tricky! If we do break above 7405 then prior to 7470 we have the top of the Raff channels at 7430 and 7445 to watch so a short around here might well be worth a go.
Tricky to call today, but think if we get an early rally towards that 7385 its a sell yet again there.
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