16th July 2018
Asian stocks began the week subdued. Chinese GDP beat on a Q/Q basis, in-line Y/Y, retail sales a beat and industrial production was a miss. UK Eurosceptics have set up a “party within a party” with a highly organised whipping operation among Tory Eurosceptic MPs. Justine Greening calls for a second referendum as UK politics remains messy! The FTSE 100 failed to break the 7715 resistance level and has remained below 7700 still, 7715 therefore still key to start the week.
Trade tensions have eased somewhat as officials in Beijing appeared to moderate their response to Trump’s tariff threats amid a slowing economy, falling stock market and weakening currency. The S&P pushed above 2800 on Friday, and despite a small pullback, has regained that on the futures prices.
FTSE 100 Trading Signals, Forecast and Prediction
For today, it looks weak’ish to start with, with resistance at 7680 where we have the daily pivot, and then the 7715 above that. The bulls will be keen to regain 7700 and break through the top of the range, while the bears will be keen to bring us back down to 7500.
Support today is showing at the 7630 to 7640 level, mainly from a key fib level and also the 25ema on the daily chart, so I am thinking that if we dip to this area it is worth a long for a charge on 7700+
Bloomberg’s Asia Report here
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