3rd September 2018
Hard to believe we are into September already, the year is zipping by! Now August is out the way and traders will be returning to their desks “proper” we should move away from the low volume chop that we saw in August. That said, it ended the month bearishly, dropping from the 7640 level to test that 7425 lower support that we had for Friday. We had a bounce there for a bit but that has fizzled out during the Asia session. Can the bulls defend it?
US-China trade tensions erupted again last week on news US President Trump backs applying tariffs of up to $200B on Chinese goods. In addition to this, the US and Mexico reached a bilateral trade deal early on in the week, while trade talks with Canada reached its deadline without an agreement.
FTSE 100 Trading Signals, Forecast and Prediction
For this morning I am thinking that buying a dip at the support zone between 7404 and 7415 is worth trading, for a rise towards the 2 hour resistance at 7485. The support from Friday was at 7425 and we haven’t really broken below that as yet. It’s possible that we just climb from the off though as we are just testing that support area again first thing this morning and we don’t get the dip lower so bear that in mind.
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