FTSE 100 Outlook and Prediction
We have dropped off the 7444 level from yesterday having tested it twice, and with a bullish 2 hour chart might well see a dip down to the support on that at 7375. There is also a bullish coral trend line on the 2 hour with support at 7356. The bulls will be keen to break above the 7445 level as that keeps the chance of a test of 7485 alive, though with resistance there it might well turn down from that level.
The daily chart still has bearish moving averages, though with the pop above the 7415 level it looks a bit weaker for the moment. The relief rally now North Korea are back in their box should continue for a bit longer. I was expecting it to dip down to 7250 but maybe 7300 will be as low as it goes.... If 7300 is the low then a rise back towards 7600 is still viable.
For today, we have initial support at the 200ema on the 30min at 7400 so worth watching this area as its also a round number.
If the bulls break above 7430 then 7467 and 7485 are the next areas of note. Bit of a mixed bag today and with low summer volume (typical August) we may again see slight overshoots of the key levels.
For today - 7375 for support, 7430, 7467 for resistance.
