3rd July 2018
The bears managed to breach the 7560 level yesterday morning and the FTSE 100 tested the 7540 support area before slowly climbing back. After the initial drop it remained a pretty flat day with just a 45 point range. The 7540 level was tested twice and held a further time at the bell and we have seen a slow rise again overnight, resisting the drop in Asian stocks, but helped by the rise on the Australian ASX200. That is also quite commodity heavy, as is the FTSE 100.
The break of the 7560 level does still keep the 7480 level on the radar, despite the 7540 holding initially. As mentioned yesterday, the bulls still need to move above the 7705/ to 7720 level.
News highlights today include Riksbank rate decision, UK construction PMI, US factory orders, APIs, ECB’s Praet
FTSE 100 Trading Signals, Forecast and Prediction
With the 7540 level holding yesterday and a decent gain from that closing level yesterday overnight, I am thinking that we will see us follow through on the US strength and get a rise towards the 2 hour resistance at 7615. We also have a key fib and R1 at 7626 and 7622 respectively, so there are a few resistance levels of note in this area.
Bloomberg’s Asia Report here
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