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FTSE: Bear Tuesday With Resistance 7265 And 7298

Published 19/09/2017, 09:16
UK100
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FTSE

I have gone for an initial rise with the plan today, testing the 7298 resistance level, but this is dependant on the bulls being able to break above the 7267 resistance level. We have dropped off that overnight, but there is decent looking support to start with on the 30min chart at the pivot area around 7250. Below this the 2 hour chart has now gone bullish again, and is showing support at the 7226 level - a dip to this area might well see some buyers and is worth a long.

If the bulls can break the 7298 resistance area then 7322 is the next level of note, with 7365 above that where we have the top of the daily channels.

For the moment it looks like 7195 is going to hold as the low, however, should the bears break this level then 7165 for the bottom of the 10 day Raff, and then 7100 are the targets for the bears.

So, watching for an early rise to 7298, but mindful of 7267 resistance and then a bit of a dip down to the 7225 level as its bear Tuesday after all! This week is all about the Fed/central banks and stimulus.

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