7360 support holds – can it be defended | 7400 7450 resistance | Analysis Education

7360 support holds - can it be defended | 7400 7450 resistance | Analysis Education

6th September 2018

The bears broke through the first barrier at 7380 however the 7360 was defended very well, with just a 3 point move below then a rally to 7400 to end the session, helped along with the 9 point dividend. Was nice to catch that bounce. The emerging market worries persist but the greed/fear gauge has only dropped to “greed” from “extreme greed” a week ago – probably see the buy the dippers appear soon. The S&P bounced off its lows as well, 2877 in this case, and still has daily support at 2874 and 2879.

The rout in emerging markets showed few signs of abating, even as some of the worst-hit currencies took a breather, as an index of stocks slipped toward bear territory and a basket of currencies traded near its lowest since May 2017. The MSCI Emerging Markets Index of shares extended its slide to 19.7 percent from a January peak. Among the worst-hit stock markets were in Saudi Arabia and Indonesia, where benchmark indexes tumbled by the most in about two years. The Argentine peso and the Turkish lira, which have led global losses this year, eked out gains as the nations took measures to curb the damage. The declines added to concern that investor anxiety is beginning to infect markets whose economies are relatively robust.


FTSE 100 Trading Signals, Forecast and Prediction

It feels like we might see further downside today and a break of the 7360 support level. If we do I have my eye on the 7344 level as initial support with 7300 below this. The former is S1 and also a fib level of note there, while the lower support is S2. We have started to get some positive RSI divergence on the 30min chart overnight so we may well see an initial rise. The bulls will be keen to defend the 7360 level again first thing and it remains to be seen if they do.

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