10th August 2018
The FTSE 100 dropped initially yesterday however the bulls defended the 7730 area but were not really able to pull it back up much. As such then the 7791 level still looks like it might well be the short term high and certainly a retest of the 7783 to 7791 area is worth a short.
The dollar extended gains and the euro sank as the Financial Times reported the European Central Bank was concerned about the Turkish exposure of some European banks, amid concern Turkey’s problems are spilling over.
Oil declined again yesterday.
FTSE 100 Trading Signals, Forecast and Prediction
I still think we are about to get a bit of a dip down and the move to 7791 was just a small overshoot of the 7783 resistance area. It does seem to be making hard work of being bearish though. That said the 2 hour chart has now gone bearish with resistance and a test last night at 7745. As such a test of the 30min coral and daily pivot area today also at 7743 is worth a short to target 7700.
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