Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

FTSE: Bear Tuesday With Resistance 7265 And 7298

Published 19/09/2017, 09:16
Updated 14/05/2017, 11:45

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.

Latest comments

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.