7475 support and 7520 resistance | Can the bulls keep control with 7450 holding so far | Trading analysis

Its Election Day! Torys poll small majority | 7220 7178 support | 7255 7285 7311 resistance

3rd October 2018

The FTSE 100 managed to defend the 7450 level yesterday in the end, but the bulls could only manage a climb to the 7487 area during the session, which has brought the 2 hour resistance level down to 7499 for today, and the coral to 7512 so worth watching these two prices today. If the bulls can continue to defend the 7450 level which remains as 25ema daily support then the momentum remains with them for the time being. As mentioned yesterday, a break of 7450 brings 7425 into view.

We have the PM speaking today at the Tory party conference, and a dividend of 7.1 for today.

In the USA, Fed Chairman Powell welcomed recent increases in Americans’ wages while expressing confidence that low unemployment won’t spur a takeoff in prices that would force him to hike interest rates aggressively. “The rise in wages is broadly consistent with observed rates of price inflation and labor productivity growth and therefore does not point to an overheating labor market,” Powell said in a speech Tuesday in Boston. “Further, higher wage growth alone need not be inflationary.”

FTSE 100 Trading Signals, Forecast and Prediction

The bulls will be keen to break and hold above the 7500 level as it opens up 7550 again, with 7590 above this. We were in a fairly narrow band yesterday on the FTSE so likely to see a break soon. At the moment the daily chart is bullish with the 7450 as support while the shorter times frames are showing 7500 and just above as resistance.

If the bears were to break it down today then that 7425 level is still worth a long.


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