The Lemon Fool

The FTSE-100 has retaken the 7400 level eight times so far today! As I recall we had a 'right old ding-dong' taking 7400 earlier this year- IIRC I termed it 'the battle of '74' or similar. And just now, 2.43pm we fiiinally got a closed hourly candle above it!
FXEmpire for today have 7400 as a short-term ceiling, and bullish above. Let's hope it's maintained into the close, as then it should flip into some form of floor.

Took 7400 again on the open, then lost it at 8.29am. But now 30mins later we appear to be well clear at 7433. Here's to a closed hourly candle above, PLUS a close today above.

Famous last words perhaps...

To mangle a phrase 'Cometh the hour, cometh the candle' - now to see if we can hold it into the close

Plus a break-out above the 'bullish falling-wedge' [IG this morning] at 7443, and convicingly ending 30+ pts higher than that.

7500/+ here we come?

DiamondEcho wrote:Plus a break-out above the 'bullish falling-wedge' [IG this morning] at 7443, and convicingly ending 30+ pts higher than that.

7500/+ here we come?

Perhaps your question is answered - at least short-term - by the FTSE 100 closing well below the 50 dma: http://bigcharts.marketwatch.com/advcha ... e&state=11. The 200 dma is at 7243 - e.g. http://stockcharts.com/h-sc/ui?s=%24FTSE, which shows the RSI at 39 (so nowhere oversold) and the MACD having a bearish divergence.

Jon

From IG: "The FTSE 100 has been regaining ground this morning, following on from a sharp deterioration in the week just gone. The 7341 level represents the neckline of a double bottom, where an hourly close above that level would provide a bullish outlook for the day.
Until then, the downtrend remains intactt" - https://www.ig.com/uk/indices-news/2017 ... -dow-39487.

With the FTSE 100 at 7348 (as I type) I'm watching the 50 dma, currently 7427 for possible resistance or a break above it.

Jon

There is a gap above, a gap-higher from Wednesday 9th at circa 7460>7496.

IG this morning have:
7600
7553
7448
7424 50dSMA
7421 Post-June Descending Trend-line
[7383.85 open this morning]
7300 decent/established support
7282 a close below 'to radically change outlook'.

Hesitation this morning at c7443.8, otherwise looking good so far. Perhaps if the US opens solidly it'll lift us through x48/x53. Once into the gap IFAIUI we should cut through it and get popped through on the upside. This pm and tomorrow could give us time, what with the summer-lull and 'risk off Friday' etc. It could be that we're pausing prior to the minutes of the last US Fed meeting due at 7pm-UK tonight.