FTSE: Flat Day With 7402 Resistance | 7320 Support | BoE Rates

uk.investing.com/analysis/flat-day-with-7402-resistance--7320-support--boe-rates-200197152

By FTSEDayTrader Limited (Nick Hilsden) | Sep 14, 2017 08:58

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The main focus today will be the rate news and if the US can push higher again later to actually test the 2500 level on the S&P. It's so close you would think that the bulls will want to grab those headlines. The FTSE is in a tight range with support at the 7380 level initially yet resistance at 7401, so it will be interesting to see what it does this morning. The ASX 200 had a fairly flat day and we may well see the same ahead of option expiry tomorrow.

The 2 hour chart is still weakly bearish with the resistance around the 7400 level, though as per earlier this week, above this 7440 is resistance. If the bulls were able to break this then 7500 is still on the cards so its worth going long on a break of 7440.

If the bulls can defend the 7380 level then we might well have decent close to the week and break the 7440, though if the bears break 7380 we are looking at a dip down towards 7330 again. We have the bottom of the Bianca channels here, and also a key fib level slightly lower at 7318.

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FTSE: Flat Day With 7402 Resistance | 7320 Support | BoE Rates

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