Selloff or Market Correction? Either Way, Here's What to Do NextSee Overvalued Stocks

FTSE: 7412 Resistance, Rise And Dip

Published 30/11/2017, 08:56
UK100
-

Today I am looking at shorting a possible rally up to the 7411 area and then see if we get a run down to 7352 or lower. Below here the 7336 fib level might hold as support, with 7300 below that. With hat drop yesterday the buying enthusiasm for the FTSE 100 dissipated, and we may see a slight continuation of that today. I think though that as long as the 7330, 7300 area holds then we will still see some buying in December.

If the bulls break 7412 however, then 7440 is still resistance with 7465 above that. If the bulls really go for it for the last 2 sessions of the week, then 7530 is a key area higher up.

We have a bearish 2 hour chart to start with, showing resistance at the 7411 and 7417 levels so I am feeling a short around this area is worth a go. We have dropped off the bearish coral trend line note the 30min yesterday at 7440 and moved back below the 200ema - that is now at 7406.

So fairly simple plan for today - rise and dip and look to short the rallies.

Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.