7266 support today | Bulls need to break 7300 | UK GDP rises 0.6% | Trading analysis | trade plan

7266 support today | Bulls need to break 7300 | UK GDP rises 0.6% | Trading analysis | trade plan

10th September 2018

The FTSE managed to hold that lower support level of 7225 on Friday and regained some ground to head back up towards 7300. It was a pretty weak session initially, carving through the 7285 support area with ease (always a bit worrying!) Is that the low in now at 7225 as we may well be getting near to a bounce point and see some upside start to come through this week… For the first time in a while the 30min chart is looking more bullish, with support at 7267. As such we might well see a bull Monday and the bulls push above the 7300 level towards the 200ema at 7365. That said, we have the trade war backdrop and political rumbles around Brexit, emerging markets and so on still going on.

Asian stocks were mixed after U.S. equities dropped Friday on Trump’s China trade warning. The dollar climbed and Treasuries fell on data showing the U.S. added 201,000 jobs and wage gains picked up, bolstering the prospect for further Fed hikes. The 10-year Treasury yield pushed above 2.94 percent. Emerging markets managed to snap seven days of declines. WTI crude was flat and gold edged lower.

President Trump doubled down on his threats to impose higher tariffs on China’s goods, saying he’s ready to tax all imports “at short notice.” While economists see the immediate impact of trade tension as limited, the effect on economic confidence may be larger, warned former People’s Bank of China Governor Zhou Xiaochuan. Trade data for August released Saturday showed China’s trade surplus with the U.S. rose to a record as exporters front-loaded orders before any additional tariffs on Chinese goods could take effect.


FTSE 100 Trading Signals, Forecast and Prediction

For today I am thinking that we might well see a bit of a positive day. 7225 got a decent reaction on Friday and we have held onto the gain since bouncing from that level. There is decent looking support at the 7260 to 7266 area for this morning and with a possible Bull Monday on the cards, any dip to this level looks like it is worth going long on.

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