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Today’s Analysis
27th July 2018
The FTSE short worked well yesterday with a nice drop down to 7640, but the bulls fought back again and we have had, overnight, yet another test of the 7700 level. The more times this is tested the more likely it is to break.
Meanwhile, the U.S. and China clashed at a World Trade Organization meeting, with Washington demanding reforms to make the Chinese economy more responsive to market forces. Chinese Ambassador Zhang Xiangchen said Beijing wouldn’t respond to heavy-handed tactics.
The European Central Bank stuck to its plan to end bond purchases as the European Union and U.S. stepped back from a trade war and the currency bloc’s economic expansion remained solid.
Amazon.com reported better-than-expected earnings in the second quarter and forecast more of the same in the current period. Twitter results are out today.
FTSE 100 Trading Signals, Forecast and Prediction
7675 looks key to start the day today and if that holds then the bulls will be keen to break the 7702 level that we have seen overnight. This is the latest test of that level so the more it is tested the more likely it is to break. If the bulls manage that then 7740, the recent high, will be the next resistance (possible double top short here too), with a rise towards 7800 likely. There is however a key fib at 7728 which may well hold them up.
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