Was a great bounce on Friday from the 7405 support level and the bulls have started the week with the upper hand. We are just on the 7500 resistance to start with so we may well see a dip and rise play out today, and a bull Monday kick in. The bulls will be aiming to break 7525 initially as that was previous resistance (4th Sept high) and that would open up the path towards the 7550 resistance level above that.
Ultimately they look to be aiming for 7625, and we may well see that this week as the rise into mid-September plays out, before selling off towards the end of the month.
Support wise, the daily pivot at 7459 is first up and with 7465 being the previous resistance that should now become support and I would like to see that hold if the bulls are going to push on past 7525. We also have the green 30m coral a bit higher up at 7474 as well, but an overshoot of this to the pivot would probably play out.
Lower down then the next key level is 7430 where we have the now green 2h coral and also another test of the Hull MA support. The overshoot and then rally back was from the first test of this Hull MA. If the bears were to break this level then it upsets the apple cart and the bull will be on the back foot again.
Both the Raff channels are heading up now as well in a further sign of strength for the bulls during these first two weeks of September. We do have UK employment data out tomorrow as well, which is forecasted to show a slight uptick in the unemployment rate.
Feels like a buy the dip day for the FTSE 100 today!
Similar scenario for the Dax 40 and S&P 500 with the 15700 and 4457 levels respectively looking like decent support for today.
The ball is in the bulls court today so let's see if they can capitalise on it.
Good luck!
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FTSE 100 bulls gaining strength
Published 11/09/2023, 10:52
Updated 14/05/2017, 11:45
FTSE 100 bulls gaining strength
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