29th June 2018
The FTSE 100 held onto that 7580 support level yesterday, finally pushing above 7600 after the bell as the US also rose. Looked a bit dicey for the bulls at one point. Meanwhile, China’s central bank said it’ll use comprehensive policy tools to keep economic development steady and stabilize market expectations. Traders will likely welcome the end of a tumultuous week and second quarter though!
FTSE 100 Trading Signals, Forecast and Prediction
It’s the end of Q2 today, so the bulls will be keen to keep the FTSE above 7600 I expect. We have initial resistance to start the day at 7656, pretty much where we are as I write this. The more crucial level is slightly high though, around the 7680 level where we have a fib and also daily resistance. The bulls might struggle to push above this level this morning though, so we may see some profit taking from the bounce from 7580 yesterday at this area. And therefore a dip down from here towards the pivot at 7624 to start with. The 2 hour chart is still bullish, with the top of the daily Raff channels both at 7705 – another key resistance level.
Bloomberg’s Asia Report here
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