Bulls need to break 7120 bears need to break 7045 | Trading Technical Analysis

Bulls need to break 7120 bears need to break 7045 | Trading Technical Analysis

5th March 2018

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The FTSE 100 climbed well from 7063 to 7140 on Friday. It felt like almost ran out of time to drop down to the main support at 7050, before being brought up by the US. Support is still at that level so watching that closely today. The Italian election result is yet another country with a hung parliament. Once again there is not enough to differentiate the parties – it’s all basically the same politics, just a different country, and the results reflect this each time – UK, Germany, Italy etc. Plus globally people are getting bored of politics as the masses just feel overlooked all the time.

Meanwhile in Germany, Merkel has got her fourth term after the Social Democrats voted to join the Chancellor’s next government to form a coalition.

We also have the continuing digestion of the Trump trade tariffs and their effect on the global economy, and possibly trade wars.

FTSE 100 Forecast and Prediction

For today we have some key level to watch, namely resistance at 7120 where we have the pivot, then 7175 area. If the bulls were able to get it up there today then we may well see some profit taking around there, as the trend is still firmly down at the moment.

It’s actually looking like we might possibly see below the 7000 level as there are a cluster of decent looking supports around the 6970 area.


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