15th June 2018
That was a strong performance from the bulls yesterday after the ECB indicated it wont raise interest rates for more than a year, and the consensus being that the BOE will follow suit. Having broken the 7705 resistance it was a steady rise towards the 7800 resistance, stalling just short. After that rise the 2 hour chart is bullish again, with support today at 7725, worth longing the retrace to this area for another attempt at 7800, and maybe higher.
FTSE 100 Trading Signals, Forecast and Prediction
With the bears failure to break below 7640 yesterday the stage is set for further upside over the next few sessions, and the 7800 level is still on the cards. Having nearly got near it yesterday a decent bullish momentum driven rise today may well see it break. That said it is quadruple witching so expect some volatility at 10:10 this morning, usually lasts till 10:20. The fear/greed level is still only on 63/100 so still potential for further upside as the greed level intensifies.
The bulls will be keen to break 7801 where we have a key fib for today and sets up a rise towards R1 at 7828, then 7850 above that.
On the bearish side, if they manage to break 7725 then a drop down to the fib level at 7691 looks possible.
Bloomberg’s Asia Report here
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