11th May 2018 – FTSE 100 Trading signals – Learn to trade the markets
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The bulls defended the 7630 level perfectly for our FTSE long yesterday, nearly managing to get all the way to 7725 after the bell. US stocks also rallied, with the S&P holding above 2700. 7727 is still resistance, and as mentioned yesterday a move above this is likely to target the January highs around the 7778 (in hours) and 7795 (out of hours) levels. The BoE left interest rates unchanged as expected yesterday, as the economy virtually stuttered to a halt. In their report the central bank said unemployment should fall further, inflation will drop back to its 2pc target over the next two years, and growth will stay on track at a modest 1.7pc in both 2019 and 2020. Whilst leaving rates unchanged yesterday the BoE inferred that rate rises may well be seen later in 2018, if the economy rebounds.
FTSE 100 Trading Signals, Forecast and Prediction
I am cautiously bullish today as the underlying strength is still upwards. But I am watching the 7727 and 7740 resistance areas closely. The bulls will be keen to push for the January highs as we are pretty close, but there is always the risk that the bears pounce a bit earlier than that – its never really clean cut that’s for sure.
Support is now pretty firmly at the 7635 level – around yesterdays low and a cluster of supports here as you can see from the list below. Should this level break then sub 7600 is likely, with a drop down to 7589 and possibly 7540.
Bloomberg’s Asia Report here
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