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FTSE 100: Resistance At 6845 6917, Bulls Gaining Control

By FTSEDayTrader Limited (Nick Hilsden)Stock MarketsDec 07, 2016 09:43
uk.investing.com/analysis/ftse-100-resistance-6845-6917-%7C-support-6800-%7C-bulls-gaining-control-200168522
FTSE 100: Resistance At 6845 6917, Bulls Gaining Control
By FTSEDayTrader Limited (Nick Hilsden)   |  Dec 07, 2016 09:43
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FTSE 100 Support: 6780 6778 6763 6743
FTSE 100 Resistance: 6820 6831 6839 6845 6890 6916

The bulls managed to push things on fairly well yesterday, though we managed to gain on both the S&P and FTSE shorts. The FTSE buy order at 6713 was just a smudge too low as we bounced at 6720 instead to reach an overnight high of 6815.

The Dax steadily rose for its entire session. Spread bet brokers were hard hit yesterday after the Financial Conduct Authority outlined a string of measures to crack down on the spread-betting market, shares in Plus500 (LON:PLUSP) fell 27.6 percent, CMC Markets (LON:CMCX) fell 29.5 percent and IG Group (LON:IGG) fell 31.6 percent. I see IG as a good buy at the 450 level myself, as they are likely to come out of it fine, while others won't. Probably give the industry a bit of a shake up anyway.

FTSE 100 Outlook and Prediction
We have a small one point dividend today, so not likely to see a rush of buyers coming in towards the bell. We do, however, have a couple of key resistance levels that we are getting near. 6830 is the first one where we have a fib level and just above the top of the 10 day Raff. Above this, the 20 day bianca channel is 6845. I can see an initial dip from the 6830 area to test the 6800, where we might spring back up from.

The Australian Index had a fairly bullish session today, so we may well do the same. If the bulls break 6845, then I can see a rise to 6915, where we have the daily coral line. The 2 hour chart is still bullish, though we didn’t get a perfect touch of the support yesterday at 6713, we did bounce slightly above that. Support today on that is 6744.

On the bearish side, if the bears manage to break 6800 then 6780 is the pivot, 6760 below that, then 6744. Generally, it looks like it wants to push up today, negating the negative vibes from Monday. Fickle at the moment thats for sure!

FTSE 30 Minute Chart
FTSE 30 Minute Chart

FTSE 100: Resistance At 6845 6917, Bulls Gaining Control
 

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FTSE 100: Resistance At 6845 6917, Bulls Gaining Control

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