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Today’s Analysis
23rd July 2018
Friday saw 7705 tested again but the bulls failed to push higher towards the 7715 resistance level, with the chance of a decline towards 7590 increasing. They tested that resistance a few times before dropping off in the afternoon as the US came online. After that failure, the 2 hour chart is showing resistance at the 7668 level for now, with a bearish bias developing. The reason for the drop? Yet more trade tariff talk, with Trump threatening further levies on Chinese goods. Over $300bn this time!
Trade tensions threaten global growth as the engines of leading economies fall out of sync, the world’s top finance chiefs warned on Sunday. Global growth remains robust and many emerging-market countries are better prepared to face crises, but risks to the world economy have increased, finance ministers and central bankers from the Group of 20 nations said at the end of their summit in Buenos Aires.
FTSE 100 Trading Signals, Forecast and Prediction
For the moment the main range looks set to be 7560 to 7720, if the bulls were able to push above the 7700 level. The decline from the 7705 resistance on Friday has continued into Monday and it does look like shorting the rallies today is worth a go, especially if we see rise towards the daily and 2 hour resistance at the 7668 level. 7645 is the 25ema on the daily chart and has held on Friday as support, it may well hold initially this morning.
Gold has climbed off its lows a bit now, as the commodity rout stalls for a bit anyway. That may see the indices, particularly the FTSE, decline. As such a drop down towards 7590 and maybe 7560 is distinctly possible.
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