21st June 2018
That was a great drop off the 7705 resistance level, slow though it was, nearly reaching the 7620 long order by the end of the day. Didn’t look like it was going to drop that far after it triggered though as the FTSE held up well after the initial rise first thing. The low of 7621 last night held and we are back at 7666 as I write this, with the bulls keen to break above 7705 and push for 7750. We have the BoE today, with interest rates expected to remain unchanged. Weighing on that decision we have the ECB retracting QE, and the US pushing their rates up so a bit of a quandary for the BoE going forward.
As long as the bulls can defend 7615 today should it get that low then then trend remains upward, though it is weakening.
FTSE 100 Trading Signals, Forecast and Prediction
Not quite such a clear picture today but I am looking at resistance initially at 7683 where we have the overnight high, and also the cam break out long price. Don’t forget that we have BoE rate news later today (at 12pm).
Assuming that the resistance level holds then a drop down to the 2 hour support at 7615 looks possible.
Bloomberg’s Asia Report here
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