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FTSE 100 on the Move: 7303, 7334, 7387 Resistance | 7250, 7218 Support Levels

By FTSEDayTrader Limited (Nick Hilsden)Market OverviewAug 21, 2023 10:20
uk.investing.com/analysis/ftse-100-on-the-move-7303-7334-7387-resistance--7250-7218-support-levels-200587219
FTSE 100 on the Move: 7303, 7334, 7387 Resistance | 7250, 7218 Support Levels
By FTSEDayTrader Limited (Nick Hilsden)   |  Aug 21, 2023 10:20
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Well, the bulls are starting the week on the back foot as the aggressive selling last week has seen a near 400-point drop. Initially, we have a bit of support to start with at the 7250 level as we have the green 30m coral here now, following the bounce from Friday's low at 7220. As such, if that holds then we could get a climb toward the 7300 level where we have the initial cluster of resistance levels as you can see from the table above.

With R1 and the red 2h coral here, we could see the bulls bank some profits, and the bears have another pop. That said I would quite like to see a bit of Bull Monday kick in, and in fact, the ASX200 was not all doom and gloom today and we may well follow suit. Oil prices have cooled a smidge as well, and the rumblings of stimulus, etc may well help to underpin some strength this week. We also have the Jackson Hole symposium this week in the USA. 

The only slight spanner in the works is that the daily chart remains bearish, and has the 7100 area for the next main support, and the Raff channels (as you would expect) are both heading down. That said, the 25ema is at 7470 currently so we may well see a rise towards that this week and then a slide from there at some point. 

For the bulls, the 7230 level is support on the 2h chart with a now Bullish Hull MA set up. If we were to see this level then a long here is worth a go. 

Above the 7300 level then look for a climb towards the 7335 level next as we have the 30m 200ema here, and just below R2 at 7343. A climb to that would bode well for a bit more bullishness this week, if the bulls can hold above 7300. 

Below 7250 and the bears will be aiming for Friday's low again at 7220. With S1 and the key fib here, along with a potential double bottom, we should see a bounce. 

Good luck today. 

 
 
 
 
 
FTSE 100 on the Move: 7303, 7334, 7387 Resistance | 7250, 7218 Support Levels
 

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FTSE 100 on the Move: 7303, 7334, 7387 Resistance | 7250, 7218 Support Levels

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wolde tilahun
wolde tilahun Aug 31, 2023 11:23
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