Investing.com UK - Financial Markets Worldwide
Get 40% Off
Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

FTSE100 - new month money but bearish

ByFTSEDayTrader Limited
AuthorNick Hilsden
Published 02/10/2023, 11:31
Updated 14/05/2017, 11:45

And another new month already as September seems to have flown by. We should get an initial kick up as the new month money flows in, and a rise to retest the 7650 level looks like it will play out initially. We then have R1 and the key fib here which may well hold as initial resistance, for a drop down to the 7550 area.

That said, there is initial support from the green 2h coral at 7595 to start with today, which should lend weight to the initial kick up. I would also like to see the Dax40 hold the 15370 level initially. 

The 10d Raff channel has turned to bearish now, following the weak second half of September and the top of that channel is around the 7670 area coinciding with Friday's high as well. As such, above 7650 we may well see a stutter here, and we are also just shy of the higher daily resistance at the 7681 level. I think a short around this area is probably worth a go today too. 

Above 7680 then 7713 is R2 and the bulls will of course be trying to break above 7700 once again. Crisis averted in the US in terms of the government shutdown being cancelled which should help the US bulls this afternoon too. 

Support wise for the FTSE100, then below the 7550 level the key fib at 7533 is the next one of note, though I would be surprised if we get that low today, being the start of a new month.

With the longer timeframes (2h, daily) looking bullish to start the week then we may well start to see the strength return during this week and buying the dips this week is probably a good strategy. Initially though we have some decent resistance levels in play that are worth shorting... something for everyone!

Good luck today

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.