19th April 2018 – FTSE 100 Trading signals – Learn to trade the markets
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The FTSE 100 bulls managed to break above the 7275 resistance level yesterday targeting the next key one at 7324. Unfortunately it hit right at the bell so wasn’t a good time to short with a 9 point divi about to hit. They bounced it from 7239, just missing the 7235 support level we had…. Overnight we have retraced back to this level, with 7338 and 7348 resistance levels coming into play for today. Interestingly the S&P wasn’t as exuberant yesterday with a much smaller range, and in fact with that, the 2 hour chart has gone bearish and is showing resistance at 2716. Maybe yesterday just saw the FTSE catching up with the recent rises in Dax and S&P! If it does drop off this area then a trip down to the daily support at 7181 would be viable before the next leg higher.
FTSE 100 Trading Signals, Forecast and Prediction
With the 2 hour S&P chart going bearish, and the FTSE now testing the levels of resistance that I have been looking for for the first half of the week, we may well see a dip down from this 7330 area. There is a fib level for today 7348 so any spike up here at the open is worth shorting, for a run down towards the new support at 7261. If the bulls are able to defend this then we should resume the upward move towards 7404.
Bloomberg’s Asia Report here
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