7640 resistance today | Trade and Tariffs | Learn to trade | Analysis signals

Markets rattled by trade again | SPX finally drops | 7240 7197 support | 7355 resistance

28th June 2018

Very sentiment driven FTSE 100 yesterday as it broke below the 7550 level, then found support at 7520 and climbed 100 points. Overnight we have hovered around the 7600 level, and it was a bit frustrating yesterday. The reason for the moves was pinned on Trump and the ongoing trade tariff war of words and “less harsh measures”. This crying wolf strategy will start to wear thin after while as it only works so many times, and its tricky for investors as they grapple with the implications of the on-again, off-again dust-ups with key partners.


FTSE 100 Trading Signals, Forecast and Prediction

I am watching the 7640 area as initial resistance today as we have the key fib and R1 here, and may well see a reaction from the bears at this level. The bulls will be keen to build on the climb started yesterday and also to keep the price above the 7600 level. If the bulls are able to push above 7640 then I watching the 7705 level again.

For the bears, the support is at the daily pivot at 7576 to start with today, and they will be looking to break this to get the price down to the 7529 and possibly 7518 levels.

Bloomberg’s Asia Report here

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