20th August 2018
That was a decent climb on Friday from the 7520 level, to manage a high of 7580, however the bulls were not able to manage a climb to 7600 in the end and we have dropped back a little bit on the futures. This week sees a meeting of central bankers, and many traders expect the Fed will raise rates at its next meeting and this week’s Jackson Hole symposium could provide clues as to whether such confidence is warranted. There is also a possible “cooling” of the trade war as the US and China prepare to restart trade negotiations.
FTSE 100 Trading Signals, Forecast and Prediction
For today I am thinking that we may well get a rise towards the 7592 resistance area. The bulls need to break the 7565 resistance area and tried on Friday (twice – first thing and end of the day) so maybe the third attempt will see more success. If they do manage it then 7592 is the R1 and fib level so worth a go short here. Above this then I am looking at the 25ema on the daily chart which is at 7637 for a possible swing short trade – we may well see a dip down from here to 7485 and possibly lower. If the bears were to really go for it over the rest of August there is still a chance of a decline to 7400 and possibly lower.
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