26th March 2018 – FTSE 100 Trading signals
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Last weeks decline in stock markets continued into Asia today, though US futures prices have risen a small amount. The FTSE 100 is hovering around the 6900 level to start the week. if the bulls can be quick out the blocks and defend the 6890 level then the immediate crisis will be averted, as over the weekend there was a lot of chatter about today seeing a big sell off. Some even talking about another Black Monday today! Friday saw the Dax break below 12000 and fail to recapture any level above that, with a drop down to 11800. The S&P continued to drop, hitting 2585 at its lowest. Futures are now at 2615 though so there is a bit of algo buying creeping in.
Back to the FTSE 100 and the 6800 level is still support that looks like it will be tested, today if 6890 breaks. There is a fib level at 6846 for some support, though the bulls will be trying to target 6948 or higher.
FTSE 100 Trading Signals, Forecast and Prediction
We have a shortened week this week and with it being end of quarter may well see some volatility remaining as traders tweak portfolios for the end of Q1. However there is a case for the sell off being overdone and also the US is looking to reach a trade agreement with China. Treasury Secretary Steven Mnuchin said he’s optimistic the U.S. can reach an agreement with China that will avert the need for President Donald Trump to impose tariffs on at least $50 billion of goods from the country. It seems to be the Trump methodology – issue the threat and then negotiate to get a better deal. I imagine that’s his deal making strategy in business too.
Anyway, for today we have seen a slight rise on the ASX200 since last night, and there is some early signs of support on the FTSE 100 2 hour chart at 6890. If the bulls can buy up any early dip, or indeed come out the blocks quickly then we my well see a rise towards the 6950 area. If the bears break 6890 though, then 6850 and the 6800 area both look like they will be tested and maybe just see small bounces.
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