Bulls will break 7320 for 7350 7371 and 7392 | Carney doom mongering | Trading analysis

Bulls will break 7320 for 7350 7371 and 7392 | Carney doom mongering | Trading analysis

14th September 2018

The FTSE 100 wasn’t able to break above the 7320 area yesterday, nor drop down to test the 7250 support, but has remained broadly positive. Overnight has seen the index remain around the 7300 level, with it looking likely that we get the rise towards 7345 today, and possibly the 7371. This level then looks key. It’s a backtest of the 7360 support area that held the other week, and if we get the bears reappear around here we may well see a sharp downward move to break below the recent range. Support below 7220 is at 7155, whilst higher resistance is showing at 7392 and 7428.

Gains in tech shares pushed U.S. stocks higher for a fourth day, and the dollar fell after a gauge of underlying U.S. inflation proved unexpectedly cool in August. Excluding food and energy costs, the core consumer price index rose 2.2 percent from a year earlier, a Labor Department report showed Thursday, compared with the 2.4 percent median estimate of economists surveyed by Bloomberg News. Equities pulled back from the day’s highs after U.S. President Donald Trump damped expectations of an imminent trade deal with China. While speculation on trade continues to dictate investor sentiment, the consumer price data and the resumption of the tech rally kept shares afloat.

BoE Governor Carney said MPC cannot cut rates to offset a no deal Brexit and that house prices would plummet in a no-deal scenario. David Jones, the former Brexit minister, said: “The fact is that the economy has defied the predictions of many Remainers and is doing well, with record levels of employment. “Mark Carney should stop going around spreading gloom and despondency and concentrate on the benefits of Brexit.”

FTSE 100 Trading Signals, Forecast and Prediction

We have the cam break out long level at 7304 and then 7320 as resistance which has prevented the bulls pushing higher so far this week. If they can keep the bullish momentum (albeit weak) going from yesterday and push through this 7320 level then we should see a rise towards the 7350 area. With a key fib here and nearing a back test of the 7360 resistance we might well see some bears appear, as we also have a fib level at 7346.


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