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Today’s Analysis
1st August 2018
The bulls finally managed to break 7715 resistance yesterday, but also powered through the 7740 level which was a bit of a shame. The later short off the 7770 area fared better, though I must admit I didn’t think we would reach the 7780 resistance level yesterday against the poor back drop. Yet again though it was due to US news and the tweet from Trump that trade tariff negations might resume. After the bell saw positive results from Apple. Focus now shifts to the BoE and the expected rate hike tomorrow, and the Federal Reserve is expected to hold its fire at its meeting Wednesday.
Start of the month so we may well see a kick up first thing as the new month money flows in.
FTSE 100 Trading Signals, Forecast and Prediction
As it’s the start of the new month we may well see a bit of a kick up first thing. That said we have held the 7770/80 resistance area overnight and dropped off that, which keeps the chance of a back test of the 7715 previous support area alive.
Breaking 7740 has adjusted the daily resistance levels of note now, and while the top of the 10 day Raff channel is still around the 7785 level, there is also 7829 flagging up now. If we see a rise to this level this week (maybe fuelled by the BoE tomorrow?) then it looks to be worth a short here.
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