FTSE Apr will smart, 7300 crucial in May, today’s Rollover table, level and comment.

FTSE April to May Ratio Rollover Table 20th April 2018

Poor old London as this will smart a bit, but as we said “The trouble is that this is rather early, so it could be tough to keep it inside the zone for so long, made all the harder we suspect because of how the expiry is shaping up over in the US”

In fact, we think the FTSE could have coped with the US’ s stampede to their respective zones, it was the mining sector on Wednesday that it couldn’t cope with.

This is a huge sector, and if the whole thing goes it has the weight and momentum to crush derivatives, which were just biding their time anyway, so stalled in neutral as it were.

Still it should make for an interesting expiry.

Range:            7300  to  7450

Activity:          Poor

Type:               On balance decidedly bearish

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Big changes in May so the overall picture has changed considerably.

The most obvious is the zone has dovetailed with April’s, which also removes that weight from around its neck.

Also, don’t forget when April started it was so far below its zone it started with several tests of R3 at 7050 before going on to test DR at 6900 after which it began its long climb back up to its zone (and now above of course).

So, as it stands, it looks like May will start life above its zone but this makes today’s close and whether it is above or below 7300 crucial.

Range:          7250  to  7300        or        7300  to  7350

Activity:        Strong

Type:            On balance only just bearish

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