9th April 2018 – FTSE 100 Trading signals
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Friday saw the drop off the 7215 resistance down to the 7120 support level. Overnight we have seen it rally from the 7120 level and are now back above 7200. Trade remained at the forefront of investors minds as President Trump said Beijing will relax its restrictions “because it’s the right thing to do,” and added that deals will be made on tax reciprocity and intellectual property.
As such, 7215 is still resistance that the bulls need to break, and we now have a key fib level at this price to. A break sees a test of R2 at 7256, while 7300 is resistance above that. The 7300 area resisted the bulls a couple of times during February as well. As such a close above this will be good news, while a failure to break higher than 7330 will likely keep the possibility of the long watched 6800 alive. Moving above the daily coral line at 7140 currently is a good sign for the bulls though and if we get a positive Monday session today I am feeling more optimistic that we remain above 7000 in the near term.
FTSE 100 Trading Signals, Forecast and Prediction
I am tentatively bullish for today. We have had a decent bounce from the 7120 support level on Friday, despite the US selling off again. The S&P found support at 2590, just below its 200ema at 2605. As mentioned above the FTSE 100 needs to break the 7220 level, and ideally 7300 for more upside, however, with support at 7150 and 7120 still, the bulls could build on that bounce as we start to get amongst the earnings season. JP Morgan and Citigroup are the main ones to watch on Friday this week.
Bloomberg’s Asia Report here
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