Consolidation today | 7467 7440 support | 7521 7540 resistance
A strong showing from the S&P500 yesterday also helped the FTSE100 climb well off the 7405 daily support level, after a brief move down below the 7430 support as well. Today may well see some consolidation, particularly for the S&P500, and also probably the FTSE 100 which now looks like it’s on its way to test the upper daily resistance levels at 7520 and 7545.
Initially today we have support at the 7467 level with the daily pivot ad the now green30m coral here, and as such we may well see a hold of this level to tee up a climb to the 7520 level.
If the bears were to break below this level then the 7440 offers the next key support with the Hull MA here on the 2h, and also S1 for today. 7421 below this is the key fib. That said I think we will more likely see a flat to slightly bullish day and an expecting more upside over the following sessions. Do bear in mind that seasonality again which had the weakness for the second half of June before resuming the bullishness to start July.
Worst case though below 7440 is the S2 level at 7398 and round number here too. The daily candles this week have long tails which shows there is good buying pressure at the moment.
And onto the bullish side of the coin, 7520 and 7545 as mentioned are the main levels to look out for today and a test of the 7520 looks quite likely. 7540 might well be a stronger stumbling block as we have have R2 and the top of the 10d Raff here, and it would also be a decent profit point for those long form the 7405 daily support yesterday.
Initially today we have support at the 7467 level with the daily pivot ad the now green30m coral here, and as such we may well see a hold of this level to tee up a climb to the 7520 level.
If the bears were to break below this level then the 7440 offers the next key support with the Hull MA here on the 2h, and also S1 for today. 7421 below this is the key fib. That said I think we will more likely see a flat to slightly bullish day and an expecting more upside over the following sessions. Do bear in mind that seasonality again which had the weakness for the second half of June before resuming the bullishness to start July.
Worst case though below 7440 is the S2 level at 7398 and round number here too. The daily candles this week have long tails which shows there is good buying pressure at the moment.
And onto the bullish side of the coin, 7520 and 7545 as mentioned are the main levels to look out for today and a test of the 7520 looks quite likely. 7540 might well be a stronger stumbling block as we have have R2 and the top of the 10d Raff here, and it would also be a decent profit point for those long form the 7405 daily support yesterday.