5th September 2018
The bulls managed to test the 7535 level before a drop to 7435 – almost like it was playing a game to prove it could drop 100 exactly! Overnight the 7440 support area has held, despite continuing emerging market turmoil. Today is showing daily support at 7380 and the shorter time frame at 7418, and I am favouring a dip down today. Still short the rallies for the moment but we are also getting near to some swing long support areas as well.
FTSE 100 Trading Signals, Forecast and Prediction
Initially there is fib level support at 7418 this morning, if the bears were to break below 7440. Below this then 7380 is showing as daily support with the 7360 mentioned below this. Fading in longs for a possible swing higher around this area might well be worth a go as if 7360 holds then we could be back on for a rise towards 7500.
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