21st August 2018
The bulls managed to break through 7592 but not with any great conviction and overnight we have dropped back towards 7570. If the bears can break below 7536 today then we will be on for a drop down towards 7480 or lower, while the bulls will be keen to break above 7613 where we have resistance. The overnight FTSE drop is in relation to a climb on cable as the dollar declined after Trump comments on currency manipulation. We are also approaching the Fed minutes on Wednesday.
FTSE 100 Trading Signals, Forecast and Prediction
I am thinking that the overnight drop might be retraced first thing this morning, and we get a rise to the daily resistance level at 7615 to start with. I have gone short here but with a wide stop as there are quite a few significant resistance levels between this and 7635. Volume is about a 1/3rd of normal at the moment.
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