6th April 2018 – FTSE 100 Trading signals
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End of the UK tax year yesterday saw a slow and steady rise as the final day of putting money into ISAs etc unfolded. The bulls managed to climb it to the 7215 resistance level but not till after the bell, and it subsequently stalled at that area. Ideally we would have seen that level in hours, but thanks to Trump raising the bar further in the trade wars argument, we have seen a drop off that level overnight. Trump ordered his administration to consider tariffs on an additional $100 billion worth of Chinese imports just as trading got going in Asia.
Support today is at the 7120 level – if the bears break this then 7070 is the next area of support. 7214 is still valid resistance with a key fib level there for today, and a break of this will likely see a rise to 7330.
New tax season will also see a new influx of money so likely to see a rise this morning.
It’s Non Farm Payrolls today and US employment data so a day for a bit of caution (and smaller stakes if you are feeling a bit more risk averse).
FTSE 100 Trading Signals, Forecast and Prediction
We have had the drop off 7215 – a key level that again has been hit out of hours, like the 7120 the evening before. However, the Dax and S&P futures prices have climbed off their 2 hour support levels at 12111 and 2625, so the bulls are still in the game. The 2 hour support for the FTSE 100 is at 7121 so if we get a dip down to that area then it is worth a long. It’s also the previous resistance level turning to support.
Bloomberg’s Asia Report here
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