7215 resistance now support | trade tariffs | Trading analysis signals alerts

Iran attacks US base in Iraq | Futures drop and recover | 7575 resistance | 7499 support

10th April 2018 – FTSE 100 Trading signals

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The week started off with another volatile session yesterday, especially in the US which saw the S&P hold the 2615 support area, rise to 2653, drop right down towards the bell to 2610, only for the futures to then climb again to 2655. The latter rise was fuelled by a more optimistic, risk on, Asian session as China’s President Xi Jinping said he backed free trade and dialogue to resolve the “trade war” scenario we are heading towards. President Trump certainly has a way of bending others to his will!

The FTSE 100 meanwhile tested 7145 before rising to once again try and break 7220, failed and dropped back to 7170 but has managed the next key resistance level at 7255 overnight. Ideally we would have tested that in hours for a decent short opportunity too. A break of this keeps 7330 in play as well.

FTSE 100 Trading Signals, Forecast and Prediction

I mentioned yesterday that above 7220 we were looking at a test of the 7255 area and we have dropped off that overnight following the China driven rise in Asia. The S&P is once again testing the 2650 area as well. So, the ball is in the bulls court to push on again today and try and break above 7255. If they do then the 7330 area is the next resistance level of note, with 7350 above that. However, we also have R3 today 7292 so we may well see a stutter in this area. Bulls that loaded up on the dip yesterday evening might use this level as a chance to take profits. We also have the top of the 20 day Raff channel at 7270.

Bloomberg’s Asia Report here


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