7120 support this morning but the bulls need to break 7175 to target 7234 | Trading analysis signals

7120 support this morning but the bulls need to break 7175 to target 7234 | Trading analysis signals

12th November 2018

U.S. stocks closed down on Friday amid a fresh round of selling in technology shares. Crude capped its longest losing streak ever on concern over a supply glut that OPEC and other producers looked to address at their meeting in Abu Dhabi. U.S. Treasury yields edged lower after the Fed reiterated its plan for “further gradual” rate increases. The pound opened weaker in early trading Monday as U.K. Prime Minister Theresa May fights to keep her Brexit divorce plan alive.

Stocks were mixed in Asia and futures pointed to a firm start for equity markets in London and New York as investors assessed whether the recent rallies can endure.

Global stocks are facing pressure again, from China and worries that the most recent earnings season could prove to be a peak. There’s also a renewed debate on the direction of bond yields, with investors dialing down inflation expectations. U.S. consumer prices due this week may offer further hints on the trajectory of costs.


FTSE 100 Trading Signals, Forecast and Prediction

We have had a decent recovery since hitting the 7070 level on Friday and whilst the FTSE 100 failed to put in much bullishness during that live session, today looks a lot more positive. We are looking at opening around the 7160 level, with the bulls likely to defend any dips as there is decent support for today at 7115/7120 area. It certainly looks like we will get a bull Monday again again. If the bulls can break the initial resistance area at the 7174 level then we should finally get above 7200 and possibly the next key resistance level at 7211 where we have R3. On the daily chart there is resistance slightly higher at 7234.

As an aside, just ordered this book “Treasure Islands” following a recommendation from a member and looks a good read.

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