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FTSE: 7520 Resistance To Watch Today

Published 27/10/2017, 09:21

We have risen well to the 7500 area and there is some initial resistance here first thing. Above this then I am watching the 7525 area as there are some key resistance levels in the 7520 to 7531 area, with 7539 above that. After the slow rise yesterday the 2 hour chart has gone bullish and is showing support at 7475 - the bulls will be keen to defend this area if we dip there initially as it sets us up for further rises next week. There is still a chance that we will see 7600 again soon.

If however the bears take control, then below the 7475 level we are looking at 7450 level as support. Below this then 7395 is in play as a bearish target initially. There are some supports just above this, but with the S&P and Dax pushing on then we may well be supported. That said, we are being driven by cable still, and the Brexit situation as well, and should cable fall then the FTSE will rise (and vice versa). If it drops down to the 130 level today then we might well be looking at a rise to the 7520 initially.

As it's Friday be a little bit more cautious as they are sometimes weird. I am watching that 7475 level for initial support, and 7520ish for resistance.

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